Seven Grand Managers LLC Buys 50,000 Shares of Lineage, Inc. $LINE

Key Points

• Seven Grand Managers LLC increased its holdings in Lineage, Inc. by 33.3% in the first quarter, owning 200,000 shares valued at approximately $11.7 million.
• Lineage reported $1.35 billion in revenue for its most recent quarter, surpassing analyst expectations, and posted an earnings per share (EPS) of $0.81.
• The company recently paid a quarterly dividend of $0.5275 per share, offering an annual yield of 5.2%, with a negative payout ratio of -75.63%.

Seven Grand Managers LLC raised its holdings in Lineage, Inc. (NASDAQ:LINE - Free Report) by 33.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 200,000 shares of the company's stock after purchasing an additional 50,000 shares during the period. Lineage comprises approximately 2.7% of Seven Grand Managers LLC's holdings, making the stock its 12th largest holding. Seven Grand Managers LLC owned about 0.09% of Lineage worth $11,726,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Franklin Resources Inc. bought a new position in Lineage in the 4th quarter worth about $208,000. Wells Fargo & Company MN boosted its holdings in shares of Lineage by 38.7% in the fourth quarter. Wells Fargo & Company MN now owns 42,944 shares of the company's stock valued at $2,515,000 after acquiring an additional 11,973 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Lineage by 476.7% in the fourth quarter. Renaissance Technologies LLC now owns 163,200 shares of the company's stock valued at $9,559,000 after acquiring an additional 134,900 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in shares of Lineage by 61.8% in the fourth 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 in the last quarter. Finally, Rockefeller Capital Management L.P. bought a new position in shares of Lineage in the fourth quarter valued at approximately $640,000.

Lineage Price Performance

LINE traded up $0.63 during trading on Tuesday, hitting $40.02. The company's stock had a trading volume of 789,460 shares, compared to its average volume of 1,027,670. The company has a quick ratio of 0.83, a current ratio of 0.96 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $9.16 billion and a price-to-earnings ratio of -14.34. The firm's 50 day moving average price is $43.16 and its two-hundred day moving average price is $49.79. Lineage, Inc. has a 12 month low of $39.37 and a 12 month high of $88.00.

Lineage (NASDAQ:LINE - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share for the quarter, beating analysts' consensus estimates of $0.75 by $0.06. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. Lineage had a negative net margin of 10.57% and a negative return on equity of 5.76%. The company's quarterly revenue was up .9% on a year-over-year basis. Sell-side analysts forecast that Lineage, Inc. will post 2.34 earnings per share for the current fiscal year.

Lineage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, June 30th were given a dividend of $0.5275 per share. This represents a $2.11 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date of this dividend was Monday, June 30th. Lineage's payout ratio is -75.63%.

Insider Transactions at Lineage

In related news, Chairman Kevin Patrick Marchetti purchased 23,540 shares of Lineage stock in a transaction that occurred on Friday, August 8th. The shares were acquired at an average price of $42.28 per share, with a total value of $995,271.20. Following the completion of the transaction, the chairman directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sudarsan V. Thattai purchased 3,563 shares of Lineage stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average price of $42.45 per share, for a total transaction of $151,249.35. Following the transaction, 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. 71.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

LINE has been the subject of a number of research reports. Barclays reduced their target price on shares of Lineage from $59.00 to $52.00 and set an "overweight" rating for the company in a report on Monday, July 21st. BNP Paribas set a $42.00 price objective on Lineage in a research note on Thursday, June 12th. Robert W. Baird decreased their target price on shares of Lineage from $64.00 to $51.00 and set an "outperform" rating for the company in a research note on Wednesday, August 13th. UBS Group decreased their target price on shares of Lineage from $49.00 to $45.00 and set a "neutral" rating for the company in a research note on Wednesday, July 23rd. Finally, Scotiabank lowered their price objective on Lineage from $56.00 to $50.00 and set a "sector perform" rating on the stock in a report on Thursday, May 15th. Six analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $53.56.

Lineage 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.