BlackRock Inc. Takes Position in Lineage, Inc. $LINE

Key Points

• BlackRock acquired 5.26 million Lineage shares worth approximately $227.5 million, giving it a 2.31% stake. Other institutional investors, including Norges Bank and Quantinno Capital Management, also increased or initiated positions.
• Lineage reported quarterly revenue of $1.36 billion and EPS of $0.76, significantly exceeding analyst expectations, although the company continued to post negative net margins and return on equity.
• LINE shares opened at $39.55, below the consensus analyst price target of $44.07. Analysts maintain a consensus “Hold” rating, while Lineage offers a quarterly dividend of $0.5325 per share, equivalent to a 5.4% annualized yield.

BlackRock Inc. bought a new position in shares of Lineage, Inc. (NASDAQ:LINE - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 5,260,370 shares of the company's stock, valued at approximately $227,511,000. BlackRock Inc. owned 2.31% of Lineage as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its position in Lineage by 11.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 926,149 shares of the company's stock worth $32,415,000 after buying an additional 93,188 shares in the last quarter. Norges Bank purchased a new position in shares of Lineage during the 4th quarter valued at $482,255,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Lineage in the first quarter worth $2,009,000. Legal & General Group Plc increased its stake in shares of Lineage by 12.2% in the fourth quarter. Legal & General Group Plc now owns 428,280 shares of the company's stock worth $14,990,000 after acquiring an additional 46,488 shares during the last quarter. Finally, Quantinno Capital Management LP raised its holdings in shares of Lineage by 122.2% during the first quarter. Quantinno Capital Management LP now owns 104,661 shares of the company's stock worth $3,429,000 after acquiring an additional 57,553 shares in the last quarter.

Lineage Stock Down 2.5%

Shares of LINE opened at $39.55 on Friday. Lineage, Inc. has a 52 week low of $31.33 and a 52 week high of $45.75. The firm has a market capitalization of $9.01 billion, a P/E ratio of -54.93 and a beta of 0.85. The company has a 50-day simple moving average of $42.44 and a 200-day simple moving average of $39.85. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.70 and a current ratio of 0.78.

Lineage (NASDAQ:LINE - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.76 EPS for the quarter, topping analysts' consensus estimates of ($0.22) by $0.98. The company had revenue of $1.36 billion during 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 company'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, equities research analysts expect that Lineage, Inc. will post 2.49 earnings per share for the current year.

Lineage Announces Dividend

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on LINE shares. Wells Fargo & Company reduced their price target on Lineage from $39.00 to $36.00 and set an "equal weight" rating for the company in a report on Monday, June 1st. Barclays increased their price objective on Lineage from $34.00 to $35.00 and gave the stock an "underweight" rating in a report on Friday, May 15th. Scotiabank reiterated a "sector perform" rating and issued a $45.00 target price on shares of Lineage in a research note on Thursday, June 18th. Evercore set a $44.00 target price on shares of Lineage in a research report on Monday, June 8th. Finally, UBS Group increased their price target on shares of Lineage from $35.00 to $45.00 and gave the stock a "neutral" rating in a research note on Friday, July 17th. Five equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Lineage presently has a consensus rating of "Hold" and a consensus price target of $44.07.

Insider Buying and Selling

In related news, CFO Robb A. Lemasters acquired 20,000 shares of the business's stock in a transaction on Friday, August 7th. The stock was bought at an average cost of $41.33 per share, with a total value of $826,600.00. Following the completion of the acquisition, the chief financial officer 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 SEC, which is available through this hyperlink. 71.60% of the stock is currently owned by corporate insiders.

Lineage Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source