JPMorgan Chase & Co. Cuts Lineage (NASDAQ:LINE) Price Target to $43.00

Key Points

• JPMorgan Chase & Co. has reduced Lineage's price target from $44.00 to $43.00, maintaining an "underweight" rating on the stock.
• In addition to JPMorgan, other brokerages like Barclays and Wells Fargo have also lowered their price targets for Lineage, indicating a trend of cautious sentiment around the stock among analysts.
• Lineage's recent financial performance showed $1.35 billion in revenue and earnings per share of $0.81, exceeding expectations, but the company has a negative net margin and return on equity.

Lineage (NASDAQ:LINE - Get Free Report) had its price objective reduced by research analysts at JPMorgan Chase & Co. from $44.00 to $43.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s target price points to a potential upside of 6.44% from the company's current price.

A number of other brokerages have also recently commented on LINE. Barclays dropped their price objective on shares of Lineage from $52.00 to $51.00 and set an "overweight" rating on the stock in a research note on Monday, September 15th. Wells Fargo & Company dropped their price objective on shares of Lineage from $48.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 27th. Truist Financial decreased their target price on Lineage from $60.00 to $53.00 and set a "buy" rating on the stock in a research report on Friday, August 22nd. BNP Paribas set a $42.00 price target on shares of Lineage in a research note on Thursday, June 12th. Finally, Bank of America reissued an "underperform" rating and issued a $42.00 price target (down previously from $47.00) on shares of Lineage in a research note on Monday, August 11th. 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 company's stock. Based on data from MarketBeat, Lineage currently has an average rating of "Hold" and an average target price of $50.11.

Lineage Price Performance

Shares of NASDAQ:LINE opened at $40.40 on Tuesday. Lineage has a twelve month low of $38.83 and a twelve month high of $81.81. The company's 50 day moving average is $41.69 and its 200 day moving average is $46.89. 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 company has a market cap of $9.24 billion, a PE ratio of -14.48 and a beta of -0.22.

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, topping the consensus estimate of $0.75 by $0.06. Lineage had a negative net margin of 10.57% and a negative return on equity of 5.76%. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. The company's revenue for the quarter was up .9% on a year-over-year basis. On average, sell-side analysts forecast that Lineage will post 2.34 EPS for the current year.

Insider Activity

In related news, Chairman Kevin Patrick Marchetti acquired 23,540 shares of the stock in a transaction dated Friday, August 8th. The stock was acquired at an average cost of $42.28 per share, with a total value of $995,271.20. Following the completion of the transaction, the chairman owned 62,323 shares in the company, valued at $2,635,016.44. This represents a 60.70% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Sudarsan V. Thattai acquired 3,563 shares of the stock in a transaction dated Friday, August 8th. The shares were bought at an average cost of $42.45 per share, with a total value of $151,249.35. Following the completion of the transaction, the insider owned 7,983 shares of the company's stock, valued at approximately $338,878.35. This represents a 80.61% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 39,448 shares of company stock valued at $1,645,752. 71.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lineage

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC raised its stake in shares of Lineage by 172.4% during the second quarter. EverSource Wealth Advisors LLC now owns 572 shares of the company's stock worth $25,000 after purchasing an additional 362 shares during the last quarter. Signaturefd LLC raised its stake in shares of Lineage by 132.3% during the second quarter. Signaturefd LLC now owns 648 shares of the company's stock worth $28,000 after purchasing an additional 369 shares during the last quarter. State of Alaska Department of Revenue raised its stake in shares of Lineage by 1.2% during the first quarter. State of Alaska Department of Revenue now owns 30,095 shares of the company's stock worth $1,764,000 after purchasing an additional 371 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Lineage by 170.4% during the first quarter. PNC Financial Services Group Inc. now owns 730 shares of the company's stock worth $43,000 after purchasing an additional 460 shares during the last quarter. Finally, Strs Ohio raised its stake in shares of Lineage by 0.5% during the second quarter. Strs Ohio now owns 98,088 shares of the company's stock worth $4,269,000 after purchasing an additional 488 shares during the last quarter.

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.

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