Truist Financial Corp Invests $280,000 in Lineage, Inc. $LINE

Key Points

• Truist Financial Corp invested approximately $280,000 in a new stake in Lineage, Inc., acquiring 6,423 shares during the 2nd quarter.
• Company insiders have shown strong confidence, with Chairman Kevin Patrick Marchetti purchasing 12,345 shares, increasing his stake by 19.81%.
• Recent analyst rating changes have resulted in a lowered consensus target price for Lineage, now averaging $49.83, with multiple firms downgrading their price objectives.

Truist Financial Corp purchased a new stake in shares of Lineage, Inc. (NASDAQ:LINE - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 6,423 shares of the company's stock, valued at approximately $280,000.

A number of other hedge funds have also recently added to or reduced their stakes in LINE. Price T Rowe Associates Inc. MD increased its position in Lineage by 75.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,364,697 shares of the company's stock worth $255,903,000 after buying an additional 1,880,587 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Lineage during the 1st quarter valued at about $37,468,000. Lunate Capital Ltd acquired a new stake in Lineage in the 1st quarter valued at $35,178,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Lineage by 8.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 566,040 shares of the company's stock worth $33,187,000 after acquiring an additional 43,242 shares in the last quarter. Finally, Villere ST Denis J & Co. LLC boosted its holdings in shares of Lineage by 3.2% in the 1st quarter. Villere ST Denis J & Co. LLC now owns 473,303 shares of the company's stock worth $27,750,000 after acquiring an additional 14,790 shares in the last quarter.

Insiders Place Their Bets

In related news, Chairman Kevin Patrick Marchetti acquired 12,345 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The shares were acquired at an average cost of $40.44 per share, for a total transaction of $499,231.80. Following the completion of the acquisition, the chairman directly owned 74,668 shares in the company, valued at approximately $3,019,573.92. The trade was a 19.81% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Sudarsan V. Thattai acquired 3,563 shares of the company's stock in a transaction that occurred on Friday, August 8th. The shares were bought at an average price of $42.45 per share, for a total transaction of $151,249.35. Following the completion of the acquisition, the insider owned 7,983 shares of the company's stock, valued at $338,878.35. This trade represents a 80.61% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 39,448 shares of company stock worth $1,645,752. 71.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have commented on LINE. Truist Financial reduced their price objective on Lineage from $60.00 to $53.00 and set a "buy" rating on the stock in a research note on Friday, August 22nd. Robert W. Baird reduced their price target on shares of Lineage from $64.00 to $51.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 13th. Evercore ISI reduced their target price on shares of Lineage from $45.00 to $44.00 and set an "in-line" rating on the stock in a research report on Monday, October 6th. Wells Fargo & Company reduced their target price on shares of Lineage from $48.00 to $43.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 27th. Finally, Zacks Research downgraded Lineage from a "hold" rating to a "strong sell" rating in a report on Monday, September 29th. Six equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $49.83.

Lineage Stock Performance

Shares of Lineage stock opened at $39.85 on Friday. The company has a market capitalization of $9.12 billion, a PE ratio of -14.28 and a beta of -0.23. Lineage, Inc. has a 12 month low of $36.66 and a 12 month high of $79.14. The company has a current ratio of 0.96, a quick ratio of 0.83 and a debt-to-equity ratio of 0.72. The stock's fifty day simple moving average is $40.46 and its 200 day simple moving average is $44.52.

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

Lineage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.5275 per share. This represents a $2.11 annualized dividend and a yield of 5.3%. The ex-dividend date is Tuesday, September 30th. Lineage's dividend payout ratio (DPR) is -75.63%.

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.

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