JPMorgan Chase & Co. Cuts Lineage (NASDAQ:LINE) Price Target to $38.00

Lineage (NASDAQ:LINE) had its price target lowered by JPMorgan Chase & Co. from $43.00 to $38.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has an underweight rating on the stock.

Several other equities research analysts have also recently commented on the company. Truist Financial lowered their price target on Lineage from $60.00 to $53.00 and set a “buy” rating for the company in a research note on Friday, August 22nd. Zacks Research downgraded shares of Lineage from a “hold” rating to a “strong sell” rating in a report on Monday, September 29th. UBS Group cut their target price on Lineage from $45.00 to $41.00 and set a “neutral” rating on the stock in a report on Tuesday, October 14th. Wells Fargo & Company lowered their price objective on Lineage from $48.00 to $43.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 27th. Finally, Piper Sandler restated a “neutral” rating and issued a $41.00 target price (down from $55.00) on shares of Lineage in a report on Thursday, November 6th. Five analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $46.06.

Lineage Trading Up 0.1%

Lineage stock opened at $33.41 on Friday. Lineage has a 12 month low of $32.65 and a 12 month high of $66.38. The company has a quick ratio of 0.86, a current ratio of 0.99 and a debt-to-equity ratio of 0.76. The stock has a market cap of $7.63 billion, a P/E ratio of -42.29 and a beta of -0.19. The company’s fifty day simple moving average is $39.27 and its 200-day simple moving average is $41.97.

Lineage (NASDAQ:LINE) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.07. Lineage had a negative return on equity of 1.85% and a negative net margin of 3.30%.The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter last year, the firm earned $0.90 earnings per share. The business’s revenue for the quarter was up 3.1% on a year-over-year basis. As a group, sell-side analysts forecast that Lineage will post 2.34 EPS for the current fiscal year.

Lineage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 21st. Investors of record on Tuesday, September 30th were given a dividend of $0.5275 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $2.11 dividend on an annualized basis and a yield of 6.3%. Lineage’s payout ratio is -267.09%.

Insider Activity at Lineage

In related news, Chairman Adam Matthew Schwartz Forste purchased 74,000 shares of Lineage stock in a transaction on Monday, November 10th. The stock was purchased at an average cost of $33.83 per share, with a total value of $2,503,420.00. Following the acquisition, the chairman directly owned 109,266 shares in the company, valued at approximately $3,696,468.78. This trade represents a 209.83% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Robert Crisci acquired 10,000 shares of the company’s stock in a transaction dated Friday, November 7th. The shares were bought at an average price of $34.56 per share, for a total transaction of $345,600.00. Following the acquisition, the chief financial officer owned 107,859 shares in the company, valued at approximately $3,727,607.04. This trade represents a 10.22% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 110,845 shares of company stock worth $3,837,192 in the last ninety days. 71.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lineage

Institutional investors and hedge funds have recently bought and sold shares of the business. Schonfeld Strategic Advisors LLC increased its stake in Lineage by 15.8% in the third quarter. Schonfeld Strategic Advisors LLC now owns 267,659 shares of the company’s stock valued at $10,342,000 after acquiring an additional 36,583 shares during the period. Creative Planning lifted its position in shares of Lineage by 92.8% during the 3rd quarter. Creative Planning now owns 24,957 shares of the company’s stock worth $964,000 after buying an additional 12,011 shares during the period. Darlington Partners Capital Management LP grew its position in Lineage by 45.5% in the third quarter. Darlington Partners Capital Management LP now owns 5,132,810 shares of the company’s stock valued at $198,332,000 after acquiring an additional 1,605,810 shares during the period. Amundi lifted its holdings in shares of Lineage by 1.5% during the third quarter. Amundi now owns 35,805 shares of the company’s stock valued at $1,481,000 after acquiring an additional 512 shares during the period. Finally, California State Teachers Retirement System boosted its stake in shares of Lineage by 1,362.7% in the 3rd quarter. California State Teachers Retirement System now owns 65,162 shares of the company’s stock valued at $2,518,000 after purchasing an additional 60,707 shares in the last quarter.

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.