Lineage (NASDAQ:LINE) Hits New 1-Year Low - Here's What Happened

Lineage, Inc. (NASDAQ:LINE - Get Free Report) shares hit a new 52-week low during trading on Monday . The stock traded as low as $41.77 and last traded at $42.01, with a volume of 433319 shares. The stock had previously closed at $42.96.

Wall Street Analyst Weigh In

Several analysts have commented on LINE shares. JPMorgan Chase & Co. lowered shares of Lineage from a "neutral" rating to an "underweight" rating and lowered their price objective for the stock from $55.00 to $50.00 in a report on Monday, June 23rd. Evercore ISI lowered their price objective on shares of Lineage from $68.00 to $59.00 and set an "in-line" rating for the company in a report on Thursday, May 1st. BNP Paribas Exane lowered shares of Lineage from a "neutral" rating to an "underperform" rating and set a $42.00 price objective for the company. in a report on Thursday, June 12th. Barclays started coverage on shares of Lineage in a report on Wednesday, April 9th. They issued an "overweight" rating and a $59.00 price objective for the company. Finally, BNP Paribas set a $42.00 price objective on shares of Lineage in a report on Thursday, June 12th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Lineage currently has an average rating of "Hold" and a consensus price target of $61.70.

Lineage Stock Down 2.8%

The company has a market cap of $9.55 billion and a P/E ratio of -12.97. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.99 and a quick ratio of 0.86. The company's 50-day moving average is $44.66 and its two-hundred day moving average is $52.70.

Lineage (NASDAQ:LINE - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.34 billion. The business's revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, equities analysts predict 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 will be paid on Monday, July 21st. Investors of record on Monday, June 30th will be paid a dividend of $0.5275 per share. This represents a $2.11 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date of this dividend is Monday, June 30th. Lineage's dividend payout ratio (DPR) is -65.53%.

Insider Activity at Lineage

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

Institutional Trading of Lineage

Hedge funds have recently bought and sold shares of the stock. Costello Asset Management INC purchased a new stake in Lineage in the 1st quarter worth $29,000. FIL Ltd purchased a new stake in shares of Lineage during the 4th quarter valued at about $29,000. Salomon & Ludwin LLC purchased a new stake in shares of Lineage during the 1st quarter valued at about $34,000. PNC Financial Services Group Inc. raised its position in shares of Lineage by 170.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 730 shares of the company's stock valued at $43,000 after buying an additional 460 shares in the last quarter. Finally, Quarry LP purchased a new stake in shares of Lineage during the 4th quarter valued at about $50,000.

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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