Employees Retirement System of Texas Lowers Stock Position in Lineage, Inc. (NASDAQ:LINE)

Employees Retirement System of Texas lessened its stake in Lineage, Inc. (NASDAQ:LINE - Free Report) by 37.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,077 shares of the company's stock after selling 12,668 shares during the period. Employees Retirement System of Texas' holdings in Lineage were worth $1,234,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. FIL Ltd purchased a new position in Lineage during the 4th quarter worth $29,000. Quarry LP acquired a new stake in shares of Lineage during the fourth quarter worth about $50,000. Stifel Financial Corp boosted its stake in shares of Lineage by 30.5% during the fourth quarter. Stifel Financial Corp now owns 3,509 shares of the company's stock worth $206,000 after buying an additional 821 shares during the period. Franklin Resources Inc. purchased a new position in shares of Lineage during the fourth quarter worth about $208,000. Finally, Sterling Capital Management LLC increased its position in Lineage by 61.8% in the 4th quarter. Sterling Capital Management LLC now owns 3,703 shares of the company's stock valued at $217,000 after acquiring an additional 1,415 shares during the period.

Insider Activity at Lineage

In other news, Chairman Adam Matthew Schwartz Forste purchased 10,949 shares of the stock in a transaction dated Thursday, May 8th. The stock was acquired at an average cost of $44.93 per share, for a total transaction of $491,938.57. Following the completion of the acquisition, the chairman now directly owns 35,266 shares in the company, valued at $1,584,501.38. This represents a 45.03% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Kevin Patrick Marchetti acquired 11,500 shares of Lineage stock in a transaction that occurred on Tuesday, May 6th. The shares were purchased at an average cost of $43.75 per share, for a total transaction of $503,125.00. Following the purchase, the chairman now directly owns 27,733 shares of the company's stock, valued at approximately $1,213,318.75. This trade represents a 70.84% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 26,869 shares of company stock valued at $1,194,980. 1.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Royal Bank of Canada lowered their target price on Lineage from $81.00 to $74.00 and set an "outperform" rating on the stock in a research note on Thursday, March 6th. Wells Fargo & Company lowered their price objective on shares of Lineage from $64.00 to $48.00 and set an "equal weight" rating on the stock in a research report on Monday, May 19th. Piper Sandler cut their price objective on shares of Lineage from $75.00 to $60.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Citigroup initiated coverage on shares of Lineage in a research note on Friday, March 28th. They issued a "neutral" rating and a $64.00 target price for the company. Finally, Evercore ISI dropped their price target on shares of Lineage from $68.00 to $59.00 and set an "in-line" rating on the stock in a research note on Thursday, May 1st. Ten analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $67.58.

Lineage Price Performance

LINE stock traded down $1.37 during midday trading on Friday, hitting $42.56. 862,221 shares of the stock were exchanged, compared to its average volume of 1,237,929. The stock's 50-day moving average price is $50.91 and its 200-day moving average price is $56.58. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.95 and a current ratio of 1.07. The stock has a market cap of $9.73 billion and a price-to-earnings ratio of -13.22. Lineage, Inc. has a fifty-two week low of $42.05 and a fifty-two week high of $89.85.

Lineage (NASDAQ:LINE - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.86 EPS for the quarter, beating analysts' consensus estimates of $0.82 by $0.04. Lineage had a negative net margin of 12.18% and a negative return on equity of 9.89%. The firm had revenue of $1.29 billion for the quarter, compared to analysts' expectations of $1.34 billion. Lineage's revenue was down 2.7% on a year-over-year basis. Research analysts predict that Lineage, Inc. will post 2.34 earnings per share for the current year.

Lineage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 21st. Investors of record on Monday, March 31st were given a dividend of $0.5275 per share. The ex-dividend date was Monday, March 31st. This represents a $2.11 annualized dividend and a dividend yield of 4.96%. Lineage's dividend payout ratio is currently -65.53%.

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.