Norges Bank Makes New Investment in Lineage, Inc. $LINE

Key Points

• Norges Bank disclosed a new fourth-quarter stake in Lineage, buying 13.78 million shares worth about $482.3 million and owning roughly 6.04% of the company.
• Lineage reported better-than-expected quarterly earnings of $0.78 per share, though revenue of $1.30 billion slightly missed estimates and was up just 0.4% year over year.
• The company raised its quarterly dividend to $0.5325 per share, or $2.13 annually, for a yield of about 4.8%, while analysts currently hold a consensus rating of "Reduce" on the stock.

Norges Bank bought a new position in shares of Lineage, Inc. (NASDAQ:LINE - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 13,778,722 shares of the company's stock, valued at approximately $482,255,000. Norges Bank owned about 6.04% of Lineage as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Rothschild Investment LLC increased its stake in Lineage by 575.2% during the fourth quarter. Rothschild Investment LLC now owns 736 shares of the company's stock worth $26,000 after acquiring an additional 627 shares during the last quarter. Geode Capital Management LLC increased its stake in Lineage by 27.8% during the fourth quarter. Geode Capital Management LLC now owns 1,459,422 shares of the company's stock worth $51,086,000 after acquiring an additional 317,646 shares during the last quarter. Legal & General Group Plc increased its stake in Lineage by 12.2% during the fourth quarter. Legal & General Group Plc now owns 428,280 shares of the company's stock worth $14,990,000 after acquiring an additional 46,488 shares during the last quarter. Evoke Wealth LLC increased its position in shares of Lineage by 1.4% during the fourth quarter. Evoke Wealth LLC now owns 58,690 shares of the company's stock valued at $2,085,000 after acquiring an additional 787 shares during the last quarter. Finally, Aew Capital Management L P acquired a new stake in shares of Lineage during the fourth quarter valued at about $42,000.

Lineage Stock Performance

LINE opened at $44.41 on Monday. Lineage, Inc. has a 12 month low of $31.33 and a 12 month high of $46.99. The stock has a market capitalization of $10.11 billion, a price-to-earnings ratio of -71.63 and a beta of 0.87. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.85 and a quick ratio of 0.76. The business has a fifty day moving average price of $36.94 and a 200 day moving average price of $36.62.

Lineage (NASDAQ:LINE - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of ($0.23) by $1.01. Lineage had a negative return on equity of 1.56% and a negative net margin of 2.72%.The firm had revenue of $1.30 billion during the quarter, compared to analysts' expectations of $1.31 billion. During the same period in the previous year, the firm posted $0.86 EPS. Lineage's revenue for the quarter was up .4% on a year-over-year basis. Sell-side analysts expect that Lineage, Inc. will post 2.39 earnings per share for the current fiscal year.

Lineage Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 21st. Investors of record on Tuesday, March 31st were paid a dividend of $0.5325 per share. This represents a $2.13 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend was Tuesday, March 31st. This is a positive change from Lineage's previous quarterly dividend of $0.53. Lineage's payout ratio is presently -343.55%.

Insider Buying and Selling

In other news, Chairman Kevin Patrick Marchetti purchased 13,300 shares of the stock in a transaction on Thursday, March 12th. The stock was bought at an average price of $37.50 per share, for a total transaction of $498,750.00. Following the acquisition, the chairman directly owned 113,690 shares of the company's stock, valued at approximately $4,263,375. The trade was a 13.25% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 71.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company lifted their price target on shares of Lineage from $32.00 to $39.00 and gave the company an "equal weight" rating in a research report on Monday, March 2nd. The Goldman Sachs Group lifted their price target on shares of Lineage from $46.00 to $51.00 and gave the company a "buy" rating in a research report on Friday, March 20th. Weiss Ratings reiterated a "sell (d)" rating on shares of Lineage in a research report on Friday, March 27th. Barclays lifted their price target on shares of Lineage from $34.00 to $35.00 and gave the company an "underweight" rating in a research report on Friday, May 15th. Finally, Compass Point initiated coverage on Lineage in a research note on Wednesday, March 18th. They issued a "buy" rating and a $47.00 price objective for the company. Four equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and five have given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Reduce" and an average target price of $43.28.

Lineage Profile

Lineage Logistics, Inc NASDAQ: LINE is a leading provider of temperature-controlled industrial real estate and supply chain solutions. The company specializes in refrigerated and frozen storage, transportation, and ancillary services designed to support the global perishable goods industry. From food manufacturers and distributors to retailers and foodservice operators, Lineage offers tailored temperature management solutions that help clients optimize inventory turnover, reduce waste, and maintain product quality throughout the cold chain.

Lineage's core services include ambient, refrigerated and frozen warehousing, cross-docking, transloading, and dedicated transportation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.