Bank of America Corp DE Purchases New Shares in Lineage, Inc. $LINE

Key Points

• Bank of America acquired 3.6 million Lineage shares worth approximately $156 million during the second quarter, giving it a 1.58% stake. Several other major institutional investors also initiated positions.
• Analysts maintain a mixed view, with five Buy, nine Hold and three Sell ratings. Lineage has a consensus rating of Hold and an average price target of $44.13, above its reported $37.94 share price.
• Lineage exceeded quarterly earnings expectations with $0.76 EPS and $1.36 billion in revenue, while declaring a quarterly dividend of $0.5325 per share, representing a 5.6% annualized yield.

Bank of America Corp DE acquired a new stake in Lineage, Inc. (NASDAQ:LINE - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,607,975 shares of the company's stock, valued at approximately $156,045,000. Bank of America Corp DE owned approximately 1.58% of Lineage as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of the company. Caisse de depot et placement du Quebec purchased a new stake in shares of Lineage during the 2nd quarter worth about $7,147,000. Jupiter Topco LLC acquired a new position in Lineage in the 2nd quarter worth about $1,197,000. Hsbc Holdings PLC purchased a new position in Lineage during the second quarter worth approximately $6,261,000. Canada Pension Plan Investment Board purchased a new position in Lineage during the second quarter worth approximately $41,271,000. Finally, Legal & General Group Plc purchased a new position in Lineage during the second quarter worth approximately $13,665,000.

Analysts Set New Price Targets

A number of research firms recently issued reports on LINE. Citigroup lifted their price target on shares of Lineage from $42.00 to $43.00 and gave the company a "neutral" rating in a research note on Thursday, August 13th. Wall Street Zen upgraded shares of Lineage from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Truist Financial increased their price objective on shares of Lineage from $44.00 to $46.00 and gave the company a "buy" rating in a report on Wednesday, June 17th. The Goldman Sachs Group set a $53.00 target price on shares of Lineage in a research report on Wednesday, August 12th. Finally, Royal Bank Of Canada boosted their target price on shares of Lineage from $44.00 to $48.00 and gave the stock an "outperform" rating in a research note on Monday, August 17th. Five analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Lineage has a consensus rating of "Hold" and an average target price of $44.13.

Lineage Price Performance

LINE stock opened at $37.94 on Friday. Lineage, Inc. has a 1 year low of $31.33 and a 1 year high of $45.75. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.78 and a quick ratio of 0.70. The firm has a market capitalization of $8.64 billion, a PE ratio of -52.69 and a beta of 0.82. The business has a 50 day simple moving average of $41.03 and a 200-day simple moving average of $39.81.

Lineage (NASDAQ:LINE - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.76 EPS for the quarter, topping the consensus estimate of ($0.22) by $0.98. Lineage had a negative return on equity of 1.85% and a negative net margin of 3.15%.The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the previous year, the firm earned $0.81 EPS. The company's quarterly revenue was up .8% compared to the same quarter last year. Equities research analysts anticipate that Lineage, Inc. will post 2.5 earnings per share for the current fiscal year.

Lineage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 21st. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.5325 per share. This represents a $2.13 annualized dividend and a dividend yield of 5.6%. The ex-dividend date of this dividend is Wednesday, September 30th. Lineage's payout ratio is presently -295.83%.

Insider Buying and Selling

In other Lineage news, CFO Robb A. Lemasters bought 20,000 shares of the business's stock in a transaction on Friday, August 7th. The stock was bought at an average price of $41.33 per share, with a total value of $826,600.00. Following the completion of the purchase, the chief financial officer directly owned 49,500 shares in the company, valued at $2,045,835. The trade was a 67.80% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Kevin Marchetti bought 25,000 shares of Lineage stock in a transaction on Friday, August 28th. The stock was acquired at an average price of $39.50 per share, for a total transaction of $987,500.00. Following the transaction, the chairman directly owned 138,690 shares of the company's stock, valued at approximately $5,478,255. This trade represents a 21.99% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 71.60% of the company's stock.

Lineage Profile

Lineage, Inc NASDAQ: LINE is a global real estate investment trust focused on temperature-controlled industrial properties and the food supply chain. The company owns, operates and develops a network of cold-storage facilities designed to preserve perishable products, including frozen and refrigerated food, from production through distribution and retail.

Lineage provides temperature-controlled warehousing, inventory management, transportation coordination and related supply-chain services.

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