Cresset Asset Management LLC Makes New Investment in Lineage, Inc. $LINE

Key Points

• Cresset Asset Management LLC has acquired a new stake in Lineage, Inc., purchasing 39,414 shares valued at approximately $2.33 million in the first quarter.
• Lineage recently announced a quarterly dividend of $0.5275 per share, offering an annual yield of 5.3% despite a negative payout ratio of -75.63%.
• The company reported $0.81 earnings per share in its latest quarter, exceeding analyst expectations, while also posting a negative net margin of 10.57%.

Cresset Asset Management LLC acquired a new position in shares of Lineage, Inc. (NASDAQ:LINE - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 39,414 shares of the company's stock, valued at approximately $2,332,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. D1 Capital Partners L.P. grew its stake in shares of Lineage by 257.5% during the 4th quarter. D1 Capital Partners L.P. now owns 3,753,598 shares of the company's stock valued at $219,848,000 after buying an additional 2,703,598 shares during the period. Janus Henderson Group PLC lifted its holdings in Lineage by 92.1% in the 4th quarter. Janus Henderson Group PLC now owns 3,233,219 shares of the company's stock worth $189,380,000 after buying an additional 1,550,478 shares in the last quarter. Darlington Partners Capital Management LP acquired a new position in Lineage in the 4th quarter worth $90,491,000. Nuveen LLC acquired a new position in Lineage in the 1st quarter worth $37,468,000. Finally, Lunate Capital Ltd acquired a new position in Lineage in the 1st quarter worth $35,178,000.

Lineage Stock Up 3.0%

Shares of LINE traded up $1.19 during mid-day trading on Friday, hitting $40.28. 859,690 shares of the company's stock were exchanged, compared to its average volume of 1,192,532. The firm has a fifty day moving average of $42.74 and a two-hundred day moving average of $49.39. Lineage, Inc. has a twelve month low of $38.83 and a twelve month high of $86.60. The stock has a market cap of $9.21 billion and a price-to-earnings ratio of -14.44. 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 announced its quarterly 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 analyst estimates of $1.33 billion. Lineage had a negative net margin of 10.57% and a negative return on equity of 5.76%. The business's revenue for the quarter was up .9% on a year-over-year basis. On average, sell-side analysts forecast that Lineage, Inc. will post 2.34 earnings per share for the current year.

Lineage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, June 30th were issued a $0.5275 dividend. This represents a $2.11 annualized dividend and a yield of 5.2%. The ex-dividend date was Monday, June 30th. Lineage's dividend payout ratio (DPR) is -75.63%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. BNP Paribas Exane lowered shares of Lineage from a "neutral" rating to an "underperform" rating and set a $42.00 target price on the stock. in a research note on Thursday, June 12th. Truist Financial dropped their price objective on shares of Lineage from $60.00 to $53.00 and set a "buy" rating on the stock in a research note on Friday. BNP Paribas set a $42.00 target price on shares of Lineage in a research report on Thursday, June 12th. Piper Sandler decreased their target price on shares of Lineage from $60.00 to $55.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. cut shares of Lineage from a "neutral" rating to an "underweight" rating and decreased their target price for the stock from $55.00 to $50.00 in a research report on Monday, June 23rd. Seven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, Lineage has a consensus rating of "Hold" and an average target price of $53.53.

Insider Buying and Selling at Lineage

In related news, Chairman Kevin Patrick Marchetti purchased 12,345 shares of the firm's stock in a transaction on Tuesday, August 19th. The shares were bought at an average cost of $40.44 per share, for a total transaction of $499,231.80. Following the transaction, the chairman directly owned 74,668 shares of the company's stock, valued at approximately $3,019,573.92. This trade represents a 19.81% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Sudarsan V. Thattai purchased 3,563 shares of the firm's stock in a transaction on Friday, August 8th. The stock was bought at an average price of $42.45 per share, for a total transaction of $151,249.35. Following the completion of the transaction, the insider directly owned 7,983 shares in the company, valued at approximately $338,878.35. The trade was a 80.61% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 39,448 shares of company stock worth $1,645,752 over the last 90 days. Company insiders own 71.90% of the company's stock.

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.