Principal Financial Group Inc. Cuts Holdings in Lineage, Inc. (NASDAQ:LINE)

Principal Financial Group Inc. reduced its stake in Lineage, Inc. (NASDAQ:LINE - Free Report) by 99.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,866 shares of the company's stock after selling 2,119,925 shares during the period. Principal Financial Group Inc.'s holdings in Lineage were worth $637,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FIL Ltd acquired a new stake in shares of Lineage during the 4th quarter worth $29,000. Salomon & Ludwin LLC acquired a new stake in shares of Lineage during the 1st quarter worth $34,000. Quarry LP acquired a new stake in shares of Lineage during the 4th quarter worth $50,000. Global X Japan Co. Ltd. acquired a new position in shares of Lineage during the 1st quarter worth $74,000. Finally, Parallel Advisors LLC acquired a new position in shares of Lineage during the 1st quarter worth $151,000.

Insider Activity

In other Lineage news, insider Sudarsan V. Thattai bought 4,420 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were bought at an average price of $45.23 per share, for a total transaction of $199,916.60. Following the acquisition, the insider directly owned 4,420 shares of the company's stock, valued at approximately $199,916.60. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Kevin Patrick Marchetti bought 11,500 shares of the stock in a transaction that occurred on Tuesday, May 6th. The stock was acquired at an average price of $43.75 per share, for a total transaction of $503,125.00. Following the acquisition, the chairman directly owned 27,733 shares in the company, valued at $1,213,318.75. The trade was a 70.84% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 26,869 shares of company stock worth $1,194,980 in the last three months. Company insiders own 71.90% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on LINE. Morgan Stanley cut Lineage from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $75.00 to $50.00 in a report on Monday, June 23rd. KeyCorp reissued a "sector weight" rating and set a $84.00 price target on shares of Lineage in a report on Tuesday, July 1st. The Goldman Sachs Group lowered their price target on Lineage from $74.00 to $63.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Robert W. Baird cut their price objective on Lineage from $70.00 to $64.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Finally, Bank of America lowered Lineage from a "buy" rating to a "neutral" rating and set a $49.00 price objective on the stock. in a research report on Tuesday, May 6th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Lineage presently has a consensus rating of "Hold" and a consensus target price of $61.35.

Lineage Trading Up 2.2%

LINE traded up $0.92 during trading on Tuesday, hitting $43.42. The company's stock had a trading volume of 284,636 shares, compared to its average volume of 1,199,221. Lineage, Inc. has a twelve month low of $40.49 and a twelve month high of $89.85. The company has a quick ratio of 0.86, a current ratio of 0.99 and a debt-to-equity ratio of 0.66. The stock's fifty day moving average price is $44.35 and its 200-day moving average price is $52.09. The firm has a market capitalization of $9.93 billion and a P/E ratio of -13.48.

Lineage (NASDAQ:LINE - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.04. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.34 billion. Lineage had a negative return on equity of 7.24% and a negative net margin of 11.88%. Lineage's revenue for the quarter was down 2.7% on a year-over-year basis. Analysts anticipate that Lineage, Inc. will post 2.34 EPS for the current year.

Lineage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, June 30th were paid a $0.5275 dividend. The ex-dividend date was Monday, June 30th. This represents a $2.11 annualized dividend and a dividend yield of 4.86%. Lineage's dividend payout ratio is presently -65.53%.

Lineage Company 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.