Lineage, Inc. $LINE Stock Sold by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP cut its Lineage stake by 80.2% in the second quarter, selling 71,853 shares and retaining 17,760 shares valued at approximately $776,000.
• Analysts maintain a broadly neutral outlook, with a consensus rating of “Hold” and an average price target of $44.13, compared with the stock’s reported price of $35.43.
• Lineage beat quarterly earnings expectations with $0.76 EPS and $1.36 billion in revenue, while declaring a $0.5325 quarterly dividend yielding about 6%; company insiders also purchased shares recently.

Corient Private Wealth LP reduced its position in shares of Lineage, Inc. (NASDAQ:LINE - Free Report) by 80.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,760 shares of the company's stock after selling 71,853 shares during the period. Corient Private Wealth LP's holdings in Lineage were worth $776,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of LINE. Norges Bank purchased a new stake in Lineage during the 4th quarter worth about $482,255,000. BlackRock Inc. purchased a new position in shares of Lineage during the second quarter worth about $227,511,000. Bank of America Corp DE increased its position in Lineage by 712.1% during the first quarter. Bank of America Corp DE now owns 3,610,123 shares of the company's stock worth $118,268,000 after buying an additional 3,165,593 shares during the period. HighTower Advisors LLC increased its holdings in shares of Lineage by 6.1% in the 2nd quarter. HighTower Advisors LLC now owns 2,286,166 shares of the company's stock valued at $98,877,000 after acquiring an additional 130,895 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in Lineage in the second quarter valued at $44,638,000.

Analyst Ratings Changes

A number of research analysts have recently issued reports on LINE shares. Wells Fargo & Company boosted their target price on Lineage from $36.00 to $38.00 and gave the company an "equal weight" rating in a report on Tuesday, September 1st. Scotiabank lowered their target price on shares of Lineage from $45.00 to $44.00 and set a "sector perform" rating on the stock in a report on Thursday, September 17th. The Goldman Sachs Group set a $53.00 price target on shares of Lineage in a research note on Wednesday, August 12th. Evercore set a $44.00 price target on shares of Lineage in a report on Monday, June 8th. Finally, UBS Group raised their price objective on shares of Lineage from $35.00 to $45.00 and gave the company a "neutral" rating in a research report on Friday, July 17th. Five equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $44.13.

Lineage Stock Performance

Shares of LINE stock opened at $35.43 on Tuesday. Lineage, Inc. has a 1 year low of $31.33 and a 1 year high of $45.75. 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 stock has a fifty day moving average price of $40.01 and a 200 day moving average price of $39.64. The stock has a market cap of $8.07 billion, a PE ratio of -49.21 and a beta of 0.82.

Lineage (NASDAQ:LINE - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of ($0.22) by $0.98. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Lineage had a negative net margin of 3.15% and a negative return on equity of 1.85%. The company's quarterly revenue was up .8% on a year-over-year basis. During the same period in the prior year, the business earned $0.81 earnings per share. Sell-side analysts forecast that Lineage, Inc. will post 2.5 earnings per share for the current fiscal year.

Lineage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 21st. Shareholders of record on Wednesday, September 30th will be paid a $0.5325 dividend. This represents a $2.13 annualized dividend and a yield of 6.0%. The ex-dividend date of this dividend is Wednesday, September 30th. Lineage's payout ratio is presently -295.83%.

Insider Activity at Lineage

In other Lineage news, CFO Robb LeMasters acquired 20,000 shares of the stock in a transaction dated Friday, August 7th. The stock was acquired at an average price of $41.33 per share, with a total value of $826,600.00. Following the completion of the transaction, the chief financial officer directly owned 49,500 shares in the company, valued at approximately $2,045,835. This trade represents a 67.80% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Kevin Marchetti purchased 25,000 shares of the stock in a transaction on Friday, August 28th. The stock was acquired at an average price of $39.50 per share, with a total value of $987,500.00. Following the acquisition, the chairman directly owned 138,690 shares in the company, valued at $5,478,255. This trade represents a 21.99% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 71.60% of the stock is currently owned by insiders.

Lineage Profile

Lineage, Inc NASDAQ: LINE is a global real estate investment trust focused on temperature-controlled industrial properties and the food supply chain. The company owns, operates and develops a network of cold-storage facilities designed to preserve perishable products, including frozen and refrigerated food, from production through distribution and retail.

Lineage provides temperature-controlled warehousing, inventory management, transportation coordination and related supply-chain services.

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