Zurcher Kantonalbank Zurich Cantonalbank Buys 15,800 Shares of Lineage, Inc. (NASDAQ:LINE)

Key Points

• Zurcher Kantonalbank increased its stake in Lineage, Inc. by 69.3% during the first quarter, acquiring an additional 15,800 shares for a total of 38,602 shares valued at approximately $2.26 million.
• Insider activity shows Chairman Kevin Patrick Marchetti purchased 11,500 shares at $43.75 each, significantly boosting their ownership by 70.84% to a total of 27,733 shares.
• Recent analyst ratings reflect a mixed outlook, with three analysts$61.15.

Zurcher Kantonalbank Zurich Cantonalbank raised its position in Lineage, Inc. (NASDAQ:LINE - Free Report) by 69.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,602 shares of the company's stock after purchasing an additional 15,800 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Lineage were worth $2,263,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Ratings Changes

A number of brokerages recently weighed in on LINE. Robert W. Baird reduced their target price on shares of Lineage from $70.00 to $64.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Wells Fargo & Company reduced their target price on shares of Lineage from $64.00 to $48.00 and set an "equal weight" rating for the company in a report on Monday, May 19th. KeyCorp restated a "sector weight" rating and set a $84.00 target price on shares of Lineage in a report on Tuesday, July 1st. Bank of America cut shares of Lineage from a "buy" rating to a "neutral" rating and set a $49.00 target price for the company. in a report on Tuesday, May 6th. Finally, 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. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $61.15.

Lineage Stock Down 1.9%

Shares of Lineage stock traded down $0.80 during midday 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 has a market cap of $9.68 billion and a price-to-earnings ratio of -13.15. The company's 50 day simple moving average is $43.68 and its 200 day simple moving average is $51.17. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.86 and a current ratio of 0.99. Lineage, Inc. has a 52 week low of $40.49 and a 52 week high of $88.78.

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

Lineage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 21st. Investors 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 dividend on an annualized basis and a yield of 5.0%. Lineage's dividend payout ratio (DPR) is presently -65.53%.

Insider Activity at Lineage

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

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.