Scotiabank Cuts Lineage (NASDAQ:LINE) Price Target to $43.00

Lineage (NASDAQ:LINE) had its target price cut by Scotiabank from $49.00 to $43.00 in a research note released on Friday morning,Benzinga reports. They currently have a sector perform rating on the stock.

A number of other analysts have also recently commented on LINE. Citigroup dropped their price target on Lineage from $64.00 to $49.00 and set a “neutral” rating on the stock in a research report on Thursday, June 12th. Royal Bank Of Canada dropped their price target on Lineage from $64.00 to $51.00 and set an “outperform” rating on the stock in a research report on Monday, August 18th. JPMorgan Chase & Co. cut Lineage from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $55.00 to $50.00 in a research report on Monday, June 23rd. Robert W. Baird lowered their price objective on Lineage from $64.00 to $51.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 13th. Finally, Piper Sandler lowered their price objective on Lineage from $60.00 to $55.00 and set an “overweight” rating on the stock in a research report on Thursday, August 7th. Seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, Lineage currently has a consensus rating of “Hold” and a consensus target price of $52.89.

Lineage Stock Performance

Shares of LINE opened at $40.59 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.96 and a debt-to-equity ratio of 0.72. The business’s 50 day moving average price is $42.06 and its 200-day moving average price is $48.21. Lineage has a 52 week low of $38.83 and a 52 week high of $84.86. The stock has a market cap of $9.29 billion, a P/E ratio of -14.55 and a beta of -0.22.

Lineage (NASDAQ:LINE) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.06. Lineage had a negative return on equity of 5.76% and a negative net margin of 10.57%.The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.33 billion. The firm’s quarterly revenue was up .9% on a year-over-year basis. Equities research analysts anticipate that Lineage will post 2.34 earnings per share for the current fiscal year.

Lineage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, June 30th were issued a dividend of $0.5275 per share. This represents a $2.11 annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend was Monday, June 30th. Lineage’s dividend payout ratio is presently -75.63%.

Insider Buying and Selling at Lineage

In other news, insider Sudarsan V. Thattai purchased 3,563 shares of the stock in a transaction dated Friday, August 8th. The shares were purchased at an average cost of $42.45 per share, with a total value of $151,249.35. Following the acquisition, the insider directly owned 7,983 shares of the company’s stock, valued at $338,878.35. This represents a 80.61% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Kevin Patrick Marchetti purchased 23,540 shares of the stock in a transaction dated Friday, August 8th. The shares were purchased at an average cost of $42.28 per share, for a total transaction of $995,271.20. Following the completion of the acquisition, the chairman directly owned 62,323 shares in the company, valued at approximately $2,635,016.44. This trade represents a 60.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 39,448 shares of company stock worth $1,645,752 over the last three months. Insiders own 71.90% of the company’s stock.

Hedge Funds Weigh In On Lineage

Hedge funds and other institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its holdings in shares of Lineage by 172.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 572 shares of the company’s stock valued at $25,000 after buying an additional 362 shares during the period. Signaturefd LLC lifted its holdings in shares of Lineage by 132.3% during the 2nd quarter. Signaturefd LLC now owns 648 shares of the company’s stock valued at $28,000 after buying an additional 369 shares during the period. Costello Asset Management INC bought a new position in shares of Lineage during the 1st quarter valued at $29,000. Allworth Financial LP lifted its holdings in shares of Lineage by 426.4% during the 2nd quarter. Allworth Financial LP now owns 758 shares of the company’s stock valued at $33,000 after buying an additional 614 shares during the period. Finally, Salomon & Ludwin LLC bought a new position in shares of Lineage during the 1st quarter valued at $34,000.

Lineage Company Profile

Lineage, Inc is the world’s largest global temperature-controlled warehouse REIT with a network of over 480 strategically located facilities totaling over 84.1 million square feet and 3.0 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific. Coupling end-to-end supply chain solutions and technology, Lineage partners with some of the world’s largest food and beverage producers, retailers, and distributors to help increase distribution efficiency, advance sustainability, minimize supply chain waste, and, most importantly, feed the world.