Lineage, Inc. (NASDAQ:LINE) Shares Sold by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. significantly reduced its holdings in Lineage, Inc. by 99.7%, selling over 3 million shares and holding just 8,313 shares valued at approximately $487,000.
• Insider purchases were noted, with Chairman Adam Matthew Schwartz Forste and Chairman Kevin Patrick Marchetti both increasing their ownership stakes by 45.03% and 70.84%, respectively, following substantial share purchases.
• Analysts have issued mixed ratings for Lineage, with price targets decreasing significantly; current average analyst expectations indicate a "Hold" rating and a price target of around $61.15.

Victory Capital Management Inc. trimmed its holdings in Lineage, Inc. (NASDAQ:LINE - Free Report) by 99.7% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 8,313 shares of the company's stock after selling 3,078,775 shares during the quarter. Victory Capital Management Inc.'s holdings in Lineage were worth $487,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. FIL Ltd purchased a new stake in shares of Lineage during the 4th quarter worth approximately $29,000. Salomon & Ludwin LLC purchased a new stake in shares of Lineage during the 1st quarter worth $34,000. Quarry LP purchased a new stake in shares of Lineage during the 4th quarter worth $50,000. Global X Japan Co. Ltd. purchased a new stake in Lineage in the first quarter valued at about $74,000. Finally, Parallel Advisors LLC purchased a new stake in Lineage in the first quarter valued at about $151,000.

Insider Buying and Selling at Lineage

In other news, Chairman Kevin Patrick Marchetti bought 11,500 shares of the stock in a transaction dated Tuesday, May 6th. The stock was purchased at an average cost of $43.75 per share, for a total transaction of $503,125.00. Following the transaction, the chairman owned 27,733 shares of the company's stock, valued at $1,213,318.75. The trade was a 70.84% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Adam Matthew Schwartz Forste purchased 10,949 shares of the stock in a transaction that occurred on Thursday, May 8th. The stock was bought at an average price of $44.93 per share, with a total value of $491,938.57. Following the completion of the transaction, the chairman owned 35,266 shares of the company's stock, valued at $1,584,501.38. The trade was a 45.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 26,869 shares of company stock valued at $1,194,980 in the last three months. 71.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on LINE shares. Piper Sandler reduced their price objective on Lineage from $75.00 to $60.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Scotiabank lowered their target price on Lineage from $56.00 to $50.00 and set a "sector perform" rating for the company in a research note on Thursday, May 15th. Robert W. Baird lowered their price objective on Lineage from $70.00 to $64.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. BNP Paribas Exane cut Lineage from a "neutral" rating to an "underperform" rating and set a $42.00 target price for the company. in a research report on Thursday, June 12th. Finally, Wells Fargo & Company reduced their price objective on Lineage from $64.00 to $48.00 and set an "equal weight" rating for the company in a research note on Monday, May 19th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $61.15.

Lineage Stock Down 1.9%

Shares of LINE stock traded down $0.80 during mid-day trading on Friday, reaching $42.35. 1,014,078 shares of the company's stock traded hands, compared to its average volume of 1,011,017. The company's 50-day moving average price is $43.68 and its 200-day moving average price is $51.17. 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 company has a market cap of $9.68 billion and a P/E ratio of 12.35. Lineage, Inc. has a 12 month low of $40.49 and a 12 month high of $88.78.

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

Lineage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, June 30th were issued a dividend of $0.5275 per share. This represents a $2.11 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend was Monday, June 30th. Lineage's dividend payout ratio (DPR) is -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.