Lineage (NASDAQ:LINE) Given New $44.00 Price Target at Evercore ISI

Key Points

• Evercore ISI has reduced its price target for Lineage (NASDAQ:LINE) from $45.00 to $44.00, indicating a potential upside of 4.99% from the previous close.
• Multiple brokerages, including Robert W. Baird and Citigroup, have also lowered their target prices for Lineage, with a consensus rating of "Hold" and an average target price of $50.06.
• Insider Sudarsan V. Thattai increased their ownership of the company's stock by 80.61% after acquiring 3,563 shares, reflecting continued confidence in the business amidst analyst downgrades.

Lineage (NASDAQ:LINE - Get Free Report) had its price objective cut by research analysts at Evercore ISI from $45.00 to $44.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an "in-line" rating on the stock. Evercore ISI's target price indicates a potential upside of 4.99% from the company's previous close.

A number of other brokerages have also issued reports on LINE. 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 report on Wednesday, August 13th. Citigroup cut their price target on shares of Lineage from $64.00 to $49.00 and set a "neutral" rating for the company in a report on Thursday, June 12th. UBS Group cut their price target on shares of Lineage from $49.00 to $45.00 and set a "neutral" rating for the company in a report on Wednesday, July 23rd. Wells Fargo & Company cut their price target on shares of Lineage from $48.00 to $43.00 and set an "equal weight" rating for the company in a report on Wednesday, August 27th. Finally, Zacks Research downgraded shares of 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 assigned a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $50.06.

Lineage Stock Up 1.1%

Lineage stock opened at $41.91 on Monday. The company has a 50-day simple moving average of $41.06 and a 200-day simple moving average of $45.62. The firm has a market capitalization of $9.59 billion, a P/E ratio of -14.96 and a beta of -0.23. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.83 and a current ratio of 0.96. Lineage has a one year low of $36.66 and a one year high of $79.14.

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 the consensus estimate 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% compared to the same quarter last year. As a group, equities analysts expect that Lineage will post 2.34 earnings per share for the current year.

Insider Activity at Lineage

In other Lineage news, insider Sudarsan V. Thattai acquired 3,563 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average price 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 in the company, valued at $338,878.35. The trade was a 80.61% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Kevin Patrick Marchetti acquired 23,540 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were acquired at an average cost of $42.28 per share, for a total transaction of $995,271.20. Following the transaction, the chairman owned 62,323 shares of the company's stock, valued at approximately $2,635,016.44. This represents a 60.70% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 39,448 shares of company stock worth $1,645,752. Insiders own 71.90% of the company's stock.

Hedge Funds Weigh In On Lineage

Institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its position in shares of Lineage by 172.4% in the second quarter. EverSource Wealth Advisors LLC now owns 572 shares of the company's stock valued at $25,000 after purchasing an additional 362 shares during the period. Signaturefd LLC raised its position in shares of Lineage by 132.3% in the second quarter. Signaturefd LLC now owns 648 shares of the company's stock valued at $28,000 after purchasing an additional 369 shares during the period. Costello Asset Management INC bought a new position in shares of Lineage in the first quarter valued at approximately $29,000. Allworth Financial LP raised its position in shares of Lineage by 426.4% in the second quarter. Allworth Financial LP now owns 758 shares of the company's stock valued at $33,000 after purchasing an additional 614 shares during the period. Finally, Salomon & Ludwin LLC bought a new position in shares of Lineage in the first quarter valued at approximately $34,000.

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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