Lineage (NASDAQ:LINE) Cut to Strong Sell at Zacks Research

Zacks Research downgraded shares of Lineage (NASDAQ:LINE) from a hold rating to a strong sell rating in a report published on Monday,Zacks.com reports.

A number of other analysts have also weighed in on LINE. Piper Sandler reduced their target price on Lineage from $60.00 to $55.00 and set an “overweight” rating on the stock in a research note on Thursday, August 7th. Evercore ISI increased their target price on Lineage from $43.00 to $45.00 and gave the stock an “in-line” rating in a research note on Monday, September 15th. JPMorgan Chase & Co. reduced their target price on Lineage from $44.00 to $43.00 and set an “underweight” rating on the stock in a research note on Tuesday, September 23rd. UBS Group cut their price target on Lineage from $49.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 23rd. Finally, Scotiabank cut their price target on Lineage from $49.00 to $43.00 and set a “sector perform” rating on the stock in a research note on Friday, September 5th. Six equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $50.11.

Lineage Stock Performance

LINE stock opened at $39.54 on Monday. 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 fifty day simple moving average is $41.17 and its two-hundred day simple moving average is $46.09. Lineage has a twelve month low of $36.66 and a twelve month high of $79.14. The firm has a market cap of $9.05 billion, a price-to-earnings ratio of -14.17 and a beta of -0.23.

Lineage (NASDAQ:LINE) last released its earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share 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 business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. The company’s revenue was up .9% on a year-over-year basis. Analysts predict that Lineage will post 2.34 earnings per share for the current year.

Lineage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 21st. Shareholders of record on Tuesday, September 30th will be issued a $0.5275 dividend. This represents a $2.11 annualized dividend and a yield of 5.3%. The ex-dividend date of this dividend is Tuesday, September 30th. Lineage’s dividend payout ratio (DPR) is currently -75.63%.

Insider Activity

In other Lineage news, insider Sudarsan V. Thattai purchased 3,563 shares of the stock in a transaction on Friday, August 8th. The stock was acquired at an average price of $42.45 per share, with a total value of $151,249.35. Following the completion of the acquisition, the insider owned 7,983 shares in the company, valued at $338,878.35. The trade was a 80.61% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Kevin Patrick Marchetti purchased 12,345 shares of the stock in a transaction on Tuesday, August 19th. The stock was acquired at an average cost of $40.44 per share, with a total value of $499,231.80. Following the acquisition, the chairman owned 74,668 shares of the company’s stock, valued at approximately $3,019,573.92. This represents a 19.81% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 39,448 shares of company stock valued at $1,645,752. Corporate insiders own 71.90% of the company’s stock.

Institutional Investors Weigh In On Lineage

A number of institutional investors and hedge funds have recently modified their holdings of the company. Corient Private Wealth LLC lifted its holdings in shares of Lineage by 590.5% during the second quarter. Corient Private Wealth LLC now owns 88,680 shares of the company’s stock worth $3,859,000 after purchasing an additional 75,838 shares during the period. Osaic Holdings Inc. lifted its holdings in shares of Lineage by 155.1% during the second quarter. Osaic Holdings Inc. now owns 17,605 shares of the company’s stock worth $767,000 after purchasing an additional 10,703 shares during the period. Squarepoint Ops LLC lifted its holdings in shares of Lineage by 118.0% during the second quarter. Squarepoint Ops LLC now owns 65,210 shares of the company’s stock worth $2,838,000 after purchasing an additional 35,294 shares during the period. Evergreen Capital Management LLC acquired a new stake in shares of Lineage during the second quarter worth about $13,501,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Lineage by 69.2% during the second quarter. Tower Research Capital LLC TRC now owns 3,427 shares of the company’s stock worth $149,000 after purchasing an additional 1,401 shares during the period.

About Lineage

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.