Allstate Corp Acquires 7,664 Shares of Lineage, Inc. $LINE

Key Points

• Allstate Corp increased its stake in Lineage, Inc. by 75.5% in the first quarter, acquiring a total of 17,810 shares valued at approximately $1,044,000.
• Institutional investors have also shown strong interest, such as Price T Rowe Associates increasing its position by 75.7%, now holding 4.36 million shares worth about $255.9 million.
• Analysts have adjusted their price targets for Lineage, with several lowering their expectations, including Goldman Sachs, which cut its target from $57 to $50, while maintaining a "buy" rating.

Allstate Corp raised its holdings in shares of Lineage, Inc. (NASDAQ:LINE - Free Report) by 75.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,810 shares of the company's stock after buying an additional 7,664 shares during the quarter. Allstate Corp's holdings in Lineage were worth $1,044,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the company. CW Advisors LLC acquired a new position in shares of Lineage in the first quarter valued at $552,000. Price T Rowe Associates Inc. MD raised its stake in shares of Lineage by 75.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,364,697 shares of the company's stock valued at $255,903,000 after purchasing an additional 1,880,587 shares in the last quarter. Hsbc Holdings PLC raised its stake in shares of Lineage by 20.8% in the first quarter. Hsbc Holdings PLC now owns 53,073 shares of the company's stock valued at $3,104,000 after purchasing an additional 9,132 shares in the last quarter. Northern Trust Corp raised its stake in shares of Lineage by 2.2% in the first quarter. Northern Trust Corp now owns 385,441 shares of the company's stock valued at $22,598,000 after purchasing an additional 8,442 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Lineage in the first quarter valued at $3,385,000.

Lineage Price Performance

Shares of LINE stock traded up $0.36 during trading hours on Friday, hitting $41.91. 1,096,285 shares of the company's stock were exchanged, compared to its average volume of 1,281,911. The stock's 50-day moving average is $42.46 and its 200-day moving average is $48.77. 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 stock has a market cap of $9.59 billion and a price-to-earnings ratio of -15.02. Lineage, Inc. has a 52 week low of $38.83 and a 52 week high of $84.89.

Lineage (NASDAQ:LINE - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, topping the consensus estimate of $0.75 by $0.06. The company had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.33 billion. Lineage had a negative return on equity of 5.76% and a negative net margin of 10.57%.The company's revenue was up .9% compared to the same quarter last year. As a group, research analysts forecast that Lineage, Inc. will post 2.34 EPS for the current year.

Lineage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, June 30th were paid a dividend of $0.5275 per share. This represents a $2.11 annualized dividend and a dividend yield of 5.0%. The ex-dividend date of this dividend was Monday, June 30th. Lineage's dividend payout ratio is -75.63%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Royal Bank Of Canada lowered their price target on Lineage from $64.00 to $51.00 and set an "outperform" rating on the stock in a research report on Monday, August 18th. Piper Sandler lowered their price target on Lineage from $60.00 to $55.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Wells Fargo & Company lowered their price target on Lineage from $48.00 to $43.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Truist Financial lowered their price target on Lineage from $60.00 to $53.00 and set a "buy" rating on the stock in a research report on Friday, August 22nd. Finally, Morgan Stanley cut Lineage from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $75.00 to $50.00 in a research report on Monday, June 23rd. Seven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat.com, Lineage has an average rating of "Hold" and an average target price of $53.26.

Insider Buying and Selling at Lineage

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

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.