Bank of New York Mellon Corp Acquires Shares of 1,032,098 Lineage, Inc. $LINE

Key Points

• Bank of New York Mellon acquired 1.03 million Lineage shares worth approximately $44.6 million, representing a 0.45% stake. Several other institutional investors also increased their positions.
• Analysts maintain a consensus “Hold” rating with an average price target of $44.07, while individual targets range from $35 to $46.
• Lineage beat quarterly earnings expectations, reporting $0.76 EPS and $1.36 billion in revenue, but its stock opened down 2.5% at $39.55. The company also pays a $2.13 annualized dividend, yielding about 5.4%.

Bank of New York Mellon Corp acquired a new position in Lineage, Inc. (NASDAQ:LINE - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,032,098 shares of the company's stock, valued at approximately $44,638,000. Bank of New York Mellon Corp owned 0.45% of Lineage as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Royal Bank of Canada raised its stake in shares of Lineage by 15.2% during the 1st quarter. Royal Bank of Canada now owns 4,956 shares of the company's stock valued at $290,000 after purchasing an additional 653 shares during the period. AQR Capital Management LLC purchased a new position in Lineage in the first quarter worth $886,000. Millennium Management LLC increased its position in shares of Lineage by 197.0% during the 1st quarter. Millennium Management LLC now owns 288,518 shares of the company's stock valued at $16,916,000 after purchasing an additional 191,362 shares during the last quarter. Invesco Ltd. grew its position in Lineage by 15.5% during the second quarter. Invesco Ltd. now owns 148,086 shares of the company's stock valued at $6,445,000 after acquiring an additional 19,927 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Lineage by 172.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 572 shares of the company's stock worth $25,000 after purchasing an additional 362 shares during the period.

Analyst Ratings Changes

LINE has been the topic of several recent analyst reports. UBS Group raised their target price on shares of Lineage from $35.00 to $45.00 and gave the stock a "neutral" rating in a report on Friday, July 17th. Truist Financial upped their price target on Lineage from $44.00 to $46.00 and gave the stock a "buy" rating in a research note on Wednesday, June 17th. Piper Sandler lowered their target price on shares of Lineage from $46.00 to $44.00 and set a "neutral" rating for the company in a report on Thursday. Barclays raised their price objective on shares of Lineage from $34.00 to $35.00 and gave the company an "underweight" rating in a research note on Friday, May 15th. Finally, Weiss Ratings raised Lineage from a "sell (d)" rating to a "sell (d+)" rating in a report on Thursday, August 6th. Five equities research 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. Based on data from MarketBeat.com, Lineage currently has a consensus rating of "Hold" and a consensus target price of $44.07.

Insider Buying and Selling

In related news, CFO Robb A. Lemasters acquired 20,000 shares of Lineage stock in a transaction on Friday, August 7th. The shares were bought at an average cost 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 of the company's stock, valued at $2,045,835. The trade was a 67.80% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 71.60% of the company's stock.

Lineage Stock Down 2.5%

LINE opened at $39.55 on Friday. The stock has a market cap of $9.01 billion, a price-to-earnings ratio of -54.93 and a beta of 0.85. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.70 and a current ratio of 0.78. The firm's fifty day moving average is $42.44 and its 200 day moving average is $39.85. Lineage, Inc. has a fifty-two week low of $31.33 and a fifty-two week high of $45.75.

Lineage (NASDAQ:LINE - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.98. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Lineage had a negative return on equity of 1.85% and a negative net margin of 3.15%.The firm's quarterly revenue was up .8% on a year-over-year basis. During the same quarter last year, the company earned $0.81 EPS. On average, sell-side analysts forecast that Lineage, Inc. will post 2.49 earnings per share for the current fiscal year.

Lineage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 21st. Shareholders of record on Tuesday, June 30th were given a dividend of $0.5325 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.13 annualized dividend and a yield of 5.4%. Lineage's dividend payout ratio (DPR) is -295.83%.

About Lineage

Lineage Logistics, Inc NASDAQ: LINE is a leading provider of temperature-controlled industrial real estate and supply chain solutions. The company specializes in refrigerated and frozen storage, transportation, and ancillary services designed to support the global perishable goods industry. From food manufacturers and distributors to retailers and foodservice operators, Lineage offers tailored temperature management solutions that help clients optimize inventory turnover, reduce waste, and maintain product quality throughout the cold chain.

Lineage's core services include ambient, refrigerated and frozen warehousing, cross-docking, transloading, and dedicated transportation.

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