Lineage, Inc. $LINE Shares Acquired by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Lineage, Inc. (NASDAQ:LINE) by 26.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,373 shares of the company’s stock after acquiring an additional 3,201 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Lineage were worth $669,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Costello Asset Management INC acquired a new stake in shares of Lineage in the 1st quarter worth $29,000. Salomon & Ludwin LLC acquired a new stake in shares of Lineage in the 1st quarter worth $34,000. PNC Financial Services Group Inc. increased its stake in shares of Lineage by 170.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 730 shares of the company’s stock worth $43,000 after acquiring an additional 460 shares during the last quarter. Global X Japan Co. Ltd. acquired a new stake in shares of Lineage in the 1st quarter worth $74,000. Finally, Quarry LP increased its stake in shares of Lineage by 168.4% in the 1st quarter. Quarry LP now owns 2,308 shares of the company’s stock worth $135,000 after acquiring an additional 1,448 shares during the last quarter.

Insider Transactions at Lineage

In other news, insider Sudarsan V. Thattai bought 3,563 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was bought at an average cost of $42.45 per share, for a total transaction of $151,249.35. Following the acquisition, the insider directly owned 7,983 shares of the company’s stock, valued at $338,878.35. The trade was a 80.61% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Kevin Patrick Marchetti bought 23,540 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average price of $42.28 per share, with a total value of $995,271.20. Following the completion of the acquisition, the chairman directly owned 62,323 shares in the company, valued at $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 purchased a total of 39,448 shares of company stock valued at $1,645,752 over the last 90 days. 71.90% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Piper Sandler cut their target price on Lineage from $60.00 to $55.00 and set an “overweight” rating for the company in a research note on Thursday, August 7th. Bank of America reaffirmed an “underperform” rating and issued a $42.00 target price (down from $47.00) on shares of Lineage in a research note on Monday, August 11th. KeyCorp reissued a “sector weight” rating and set a $84.00 price objective on shares of Lineage in a research report on Tuesday, July 1st. Wells Fargo & Company cut their price objective on Lineage from $48.00 to $43.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 27th. Finally, Citigroup cut their price objective on Lineage from $64.00 to $49.00 and set a “neutral” rating for the company in a research report on Thursday, June 12th. Six equities research 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, Lineage presently has a consensus rating of “Hold” and an average target price of $50.50.

Lineage Stock Up 0.0%

Shares of NASDAQ:LINE opened at $40.40 on Tuesday. The business has a 50-day moving average price of $41.69 and a 200 day moving average price of $46.89. The company has a current ratio of 0.96, a quick ratio of 0.83 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $9.24 billion, a price-to-earnings ratio of -14.48 and a beta of -0.22. Lineage, Inc. has a 12-month low of $38.83 and a 12-month high of $81.81.

Lineage (NASDAQ:LINE) last announced its earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, beating 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 company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Lineage’s revenue for the quarter was up .9% compared to the same quarter last year. Sell-side analysts expect that Lineage, Inc. will post 2.34 EPS for the current year.

Lineage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Investors of record on Tuesday, September 30th will be issued a dividend of $0.5275 per share. This represents a $2.11 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date is Tuesday, September 30th. Lineage’s dividend payout ratio (DPR) is -75.63%.

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.