Boothbay Fund Management LLC Acquires 110,411 Shares of Lineage, Inc. $LINE

Key Points

• Boothbay Fund Management LLC has significantly increased its stock position in Lineage, Inc. by 181.4%, owning 171,292 shares now valued at approximately $10 million.
• Insider trades reveal that Chairman Kevin Patrick Marchetti and other executives also increased their holdings recently, with insiders now owning 71.90% of the company's stock.
• Lineage's stock performance includes a recent earnings report where the company posted $0.81 earnings per share, surpassing estimates, amidst varying analysts' price target revisions.

Boothbay Fund Management LLC lifted its holdings in shares of Lineage, Inc. (NASDAQ:LINE - Free Report) by 181.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 171,292 shares of the company's stock after buying an additional 110,411 shares during the period. Boothbay Fund Management LLC owned about 0.07% of Lineage worth $10,043,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Costello Asset Management INC acquired a new position in shares of Lineage during the 1st quarter worth about $29,000. Salomon & Ludwin LLC acquired a new position in shares of Lineage during the 1st quarter worth about $34,000. PNC Financial Services Group Inc. boosted its stake in shares of Lineage by 170.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 730 shares of the company's stock worth $43,000 after buying an additional 460 shares during the last quarter. Global X Japan Co. Ltd. acquired a new position in shares of Lineage during the 1st quarter worth about $74,000. Finally, Quarry LP boosted its stake in shares of Lineage by 168.4% during the 1st quarter. Quarry LP now owns 2,308 shares of the company's stock worth $135,000 after buying an additional 1,448 shares during the last quarter.

Insider Activity at Lineage

In related news, insider Sudarsan V. Thattai purchased 3,563 shares of Lineage stock in a transaction dated Friday, August 8th. The shares were bought at an average cost 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Kevin Patrick Marchetti purchased 12,345 shares of Lineage stock in a transaction dated Tuesday, August 19th. The stock was bought at an average price of $40.44 per share, for a total transaction of $499,231.80. Following the completion of the purchase, the chairman owned 74,668 shares in the company, valued at $3,019,573.92. This represents a 19.81% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 39,448 shares of company stock worth $1,645,752 in the last quarter. 71.90% of the stock is currently owned by company insiders.

Lineage Stock Performance

Shares of NASDAQ LINE traded down $0.62 during mid-day trading on Monday, reaching $39.97. 1,020,420 shares of the company were exchanged, compared to its average volume of 1,026,662. Lineage, Inc. has a twelve month low of $38.83 and a twelve month high of $84.86. The stock has a market capitalization of $9.14 billion, a P/E ratio of -14.33 and a beta of -0.22. The company's 50-day simple moving average is $42.06 and its 200-day simple moving average is $48.21. The company has a quick ratio of 0.83, a current ratio of 0.96 and a debt-to-equity ratio of 0.72.

Lineage (NASDAQ:LINE - Get Free Report) last released its quarterly earnings results 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 net margin of 10.57% and a negative return on equity of 5.76%. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. Lineage's quarterly revenue was up .9% on a year-over-year basis. As a group, research analysts predict that Lineage, Inc. will post 2.34 earnings per share for the current year.

Lineage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, June 30th were given a dividend of $0.5275 per share. The ex-dividend date was Monday, June 30th. This represents a $2.11 annualized dividend and a dividend yield of 5.3%. Lineage's dividend payout ratio (DPR) is currently -75.63%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Morgan Stanley lowered shares of Lineage from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $75.00 to $50.00 in a research note on Monday, June 23rd. Wells Fargo & Company lowered their price objective on shares of Lineage from $48.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 27th. Piper Sandler lowered their price objective on shares of Lineage from $60.00 to $55.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Barclays lowered their price objective on shares of Lineage from $59.00 to $52.00 and set an "overweight" rating on the stock in a research note on Monday, July 21st. Finally, Bank of America restated an "underperform" rating and set a $42.00 price objective (down from $47.00) on shares of Lineage in a research note on Monday, August 11th. Seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $52.79.

About Lineage

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.