Lineage, Inc. $LINE Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs decreased its stake in Lineage, Inc. by 11.7%, holding 59,053 shares valued at approximately $3.46 million after selling 7,835 shares in the first quarter.
• Lineage reported a quarterly earnings per share of $0.81, exceeding expectations, with a revenue increase of 0.9% year-over-year, totaling $1.35 billion.
• The company announced a quarterly dividend of $0.5275 per share, representing an annual yield of 5.2%, with the payout date set for October 21st.

Goldman Sachs Group Inc. lowered its stake in shares of Lineage, Inc. (NASDAQ:LINE - Free Report) by 11.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 59,053 shares of the company's stock after selling 7,835 shares during the period. Goldman Sachs Group Inc.'s holdings in Lineage were worth $3,462,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Costello Asset Management INC purchased a new stake in Lineage during the first quarter worth $29,000. Salomon & Ludwin LLC acquired a new position in shares of Lineage during the first quarter worth $34,000. PNC Financial Services Group Inc. increased its position in shares of Lineage by 170.4% during the first quarter. PNC Financial Services Group Inc. now owns 730 shares of the company's stock worth $43,000 after purchasing an additional 460 shares in the last quarter. Global X Japan Co. Ltd. acquired a new position in shares of Lineage during the first quarter worth $74,000. Finally, Quarry LP increased its position in shares of Lineage by 168.4% during the first quarter. Quarry LP now owns 2,308 shares of the company's stock worth $135,000 after purchasing an additional 1,448 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on LINE shares. Robert W. Baird reduced their price target on Lineage from $64.00 to $51.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 13th. UBS Group reduced their price target on Lineage from $49.00 to $45.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 23rd. JPMorgan Chase & Co. downgraded Lineage from a "neutral" rating to an "underweight" rating and reduced their price target for the stock from $55.00 to $50.00 in a research report on Monday, June 23rd. Royal Bank Of Canada cut their target price on Lineage from $64.00 to $51.00 and set an "outperform" rating on the stock in a research report on Monday, August 18th. Finally, Evercore ISI upped their target price on Lineage from $43.00 to $45.00 and gave the company an "in-line" rating in a research report on Monday, September 15th. Six research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $50.72.

Insider Transactions at Lineage

In related news, Chairman Kevin Patrick Marchetti purchased 23,540 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average cost of $42.28 per share, with a total value of $995,271.20. Following the purchase, the chairman owned 62,323 shares of the company's stock, valued at $2,635,016.44. This represents a 60.70% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sudarsan V. Thattai purchased 3,563 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was bought at an average cost of $42.45 per share, for a total transaction of $151,249.35. Following the completion of the purchase, the insider directly owned 7,983 shares in the company, valued at $338,878.35. This represents a 80.61% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 39,448 shares of company stock worth $1,645,752 over the last ninety days. 71.90% of the stock is currently owned by corporate insiders.

Lineage Price Performance

Shares of LINE stock traded down $0.11 during mid-day trading on Friday, hitting $40.38. 2,755,867 shares of the stock were exchanged, compared to its average volume of 1,165,792. The firm has a fifty day moving average of $41.72 and a 200 day moving average of $47.24. 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, Inc. has a 52-week low of $38.83 and a 52-week high of $82.75. The company has a market cap of $9.24 billion, a PE ratio of -14.47 and a beta of -0.22.

Lineage (NASDAQ:LINE - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate 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. The firm's revenue was up .9% on a year-over-year basis. Research analysts anticipate 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 will be paid on Tuesday, October 21st. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.5275 per share. This represents a $2.11 annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend is Tuesday, September 30th. Lineage's dividend payout ratio is presently -75.63%.

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.