1832 Asset Management L.P. Sells 662,050 Shares of Lineage, Inc. $LINE

Key Points

• 1832 Asset Management L.P. has significantly reduced its stake in Lineage, Inc. by 78.7% during the first quarter, now holding approximately 0.08% of the company.
• Lineage's Chairman and another insider made substantial purchases of company stocks recently, indicating confidence in the firm's prospects, with over $1.6 million in shares bought by insiders last quarter.
• Recent analyst reports show a range of price targets for Lineage, with the consensus rating at "Hold" and an average price target of $53.53, reflecting varying opinions on the stock's performance.

1832 Asset Management L.P. lessened its stake in Lineage, Inc. (NASDAQ:LINE - Free Report) by 78.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 178,827 shares of the company's stock after selling 662,050 shares during the quarter. 1832 Asset Management L.P. owned about 0.08% of Lineage worth $10,485,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Costello Asset Management INC bought a new stake in Lineage in the first quarter valued at about $29,000. Salomon & Ludwin LLC acquired a new position in Lineage during the first quarter valued at approximately $34,000. PNC Financial Services Group Inc. boosted 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 valued at $43,000 after purchasing an additional 460 shares during the last quarter. Quarry LP acquired a new position in Lineage during the fourth quarter valued at approximately $50,000. Finally, Global X Japan Co. Ltd. acquired a new position in Lineage during the first quarter valued at approximately $74,000.

Insiders Place Their Bets

In other Lineage news, insider Sudarsan V. Thattai purchased 3,563 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were bought at an average price of $42.45 per share, for a total transaction of $151,249.35. Following the purchase, the insider owned 7,983 shares in the company, valued at approximately $338,878.35. This trade represents a 80.61% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Kevin Patrick Marchetti purchased 23,540 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was acquired at an average price of $42.28 per share, for a total transaction of $995,271.20. Following the purchase, the chairman owned 62,323 shares in the company, valued at approximately $2,635,016.44. The trade was a 60.70% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 39,448 shares of company stock worth $1,645,752. Corporate insiders own 71.90% of the company's stock.

Lineage Price Performance

Lineage stock traded up $0.31 during mid-day trading on Friday, reaching $41.86. 312,995 shares of the company were exchanged, compared to its average volume of 1,025,959. The company has a fifty day simple moving average of $42.52 and a 200-day simple moving average of $48.94. Lineage, Inc. has a 12 month low of $38.83 and a 12 month high of $84.89. 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 firm has a market cap of $9.58 billion and a PE ratio of -15.02.

Lineage (NASDAQ:LINE - Get Free Report) last posted its quarterly earnings data 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 analyst estimates of $1.33 billion. The business's revenue for the quarter was up .9% on a year-over-year basis. As a group, equities research analysts expect that Lineage, Inc. will post 2.34 earnings per share for the current fiscal year.

Lineage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, June 30th were paid a dividend of $0.5275 per share. This represents a $2.11 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date was Monday, June 30th. Lineage's dividend payout ratio (DPR) is -75.63%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on LINE. Piper Sandler cut their price objective on Lineage from $60.00 to $55.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Scotiabank cut their price objective on Lineage from $56.00 to $50.00 and set a "sector perform" rating for the company in a research report on Thursday, May 15th. Robert W. Baird cut their price objective on Lineage from $64.00 to $51.00 and set an "outperform" rating for the company in a research report on Wednesday, August 13th. KeyCorp reaffirmed a "sector weight" rating and issued a $84.00 price objective on shares of Lineage in a research report on Tuesday, July 1st. Finally, The Goldman Sachs Group cut their price objective on Lineage from $57.00 to $50.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Seven 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 MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $53.26.

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.