Ethic Inc. Acquires New Holdings in Lineage, Inc. $LINE

Ethic Inc. bought a new position in shares of Lineage, Inc. (NASDAQ:LINE) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,151 shares of the company’s stock, valued at approximately $403,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Signaturefd LLC grew its position in shares of Lineage by 132.3% in the second quarter. Signaturefd LLC now owns 648 shares of the company’s stock valued at $28,000 after purchasing an additional 369 shares during the last quarter. Costello Asset Management INC purchased a new stake in Lineage in the 1st quarter valued at approximately $29,000. Salomon & Ludwin LLC acquired a new stake in Lineage during the 1st quarter valued at $34,000. PNC Financial Services Group Inc. increased its position in Lineage by 170.4% during the first quarter. PNC Financial Services Group Inc. now owns 730 shares of the company’s stock worth $43,000 after buying an additional 460 shares in the last quarter. Finally, Quarry LP increased its position in Lineage by 168.4% during the first quarter. Quarry LP now owns 2,308 shares of the company’s stock worth $135,000 after buying an additional 1,448 shares in the last quarter.

Analysts Set New Price Targets

A number of analysts recently commented on LINE shares. Zacks Research lowered Lineage from a “hold” rating to a “strong sell” rating in a research note on Monday, September 29th. Scotiabank reduced their target price on shares of Lineage from $49.00 to $43.00 and set a “sector perform” rating on the stock in a report on Friday, September 5th. UBS Group decreased their price target on shares of Lineage from $45.00 to $41.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 14th. Piper Sandler cut their price objective on shares of Lineage from $60.00 to $55.00 and set an “overweight” rating for the company in a research report on Thursday, August 7th. Finally, Morgan Stanley reduced their price objective on shares of Lineage from $50.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Monday, September 22nd. Six analysts have rated the stock with a Buy rating, eight have issued a Hold rating and six have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $49.61.

Lineage Stock Down 4.4%

LINE opened at $38.24 on Thursday. The stock has a market capitalization of $8.75 billion, a price-to-earnings ratio of -13.71 and a beta of -0.23. Lineage, Inc. has a 12 month low of $36.66 and a 12 month high of $76.57. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.96 and a quick ratio of 0.83. The business has a 50-day moving average of $40.47 and a two-hundred day moving average of $43.65.

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

Lineage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 21st. Stockholders of record on Tuesday, September 30th were issued a dividend of $0.5275 per share. This represents a $2.11 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date was Tuesday, September 30th. Lineage’s dividend payout ratio is presently -75.63%.

Insider Buying and Selling at Lineage

In other news, insider Sudarsan V. Thattai bought 3,563 shares of Lineage stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average price of $42.45 per share, for a total transaction of $151,249.35. Following the completion of the acquisition, the insider owned 7,983 shares of the company’s stock, valued at $338,878.35. The trade was a 80.61% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Kevin Patrick Marchetti purchased 23,540 shares of the stock in a transaction on Friday, August 8th. The shares were purchased at an average cost of $42.28 per share, with a total value of $995,271.20. Following the transaction, the chairman owned 62,323 shares of the company’s stock, valued at $2,635,016.44. This trade represents a 60.70% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 39,448 shares of company stock worth $1,645,752 over the last ninety days. Corporate insiders own 71.90% of the company’s stock.

Lineage 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.