Lineage (NASDAQ:LINE) Reaches New 52-Week Low After Analyst Downgrade

Key Points

• Lineage, Inc. (NASDAQ:LINE) hit a new 52-week low of $40.42 following an analyst downgrade by Evercore ISI, which lowered its price target from $59.00 to $45.00.
• Several other firms have also adjusted their price targets, with Wells Fargo reducing theirs from $64.00 to $48.00, and Citigroup lowering theirs from $64.00 to $49.00, amidst a mixed consensus rating among analysts.
• The company recently announced a quarterly dividend of $0.5275 per share, yielding 5.2%, although it has a negative dividend payout ratio of -75.63% due to operating losses.

Lineage, Inc. (NASDAQ:LINE - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Monday after Robert W. Baird lowered their price target on the stock from $64.00 to $51.00. Robert W. Baird currently has an outperform rating on the stock. Lineage traded as low as $40.42 and last traded at $40.58, with a volume of 853289 shares trading hands. The stock had previously closed at $41.64.

Several other equities research analysts have also recently weighed in on the stock. BNP Paribas Exane cut shares of Lineage from a "neutral" rating to an "underperform" rating and set a $42.00 price target on the stock. in a research report on Thursday, June 12th. The Goldman Sachs Group reduced their price objective on Lineage from $57.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday. Scotiabank decreased their price objective on Lineage from $56.00 to $50.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 15th. Bank of America reiterated an "underperform" rating and issued a $42.00 target price (down previously from $47.00) on shares of Lineage in a report on Monday. Finally, UBS Group decreased their price target on Lineage from $49.00 to $45.00 and set a "neutral" rating on the stock in a report on Wednesday, July 23rd. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $58.55.

Insider Transactions at Lineage

In other Lineage news, Chairman Kevin Patrick Marchetti bought 23,540 shares of the company's stock in a transaction on Friday, August 8th. The shares were bought at an average cost of $42.28 per share, for a total transaction of $995,271.20. Following the acquisition, the chairman directly owned 62,323 shares in the company, valued at approximately $2,635,016.44. The trade was a 60.70% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Sudarsan V. Thattai purchased 3,563 shares of Lineage stock in a transaction dated Friday, August 8th. The stock was acquired at an average price of $42.45 per share, with a total value of $151,249.35. Following the acquisition, the insider owned 7,983 shares in the company, valued at approximately $338,878.35. This represents a 80.61% increase in their position. The disclosure for this purchase can be found here. 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. XTX Topco Ltd raised its position in shares of Lineage by 419.2% in the 1st quarter. XTX Topco Ltd now owns 30,733 shares of the company's stock worth $1,802,000 after acquiring an additional 24,814 shares in the last quarter. Lunate Capital Ltd bought a new position in Lineage in the first quarter worth about $35,178,000. GAMMA Investing LLC raised its holdings in Lineage by 3,141.4% in the first quarter. GAMMA Investing LLC now owns 14,716 shares of the company's stock worth $863,000 after purchasing an additional 14,262 shares in the last quarter. M&T Bank Corp lifted its position in shares of Lineage by 174.5% during the first quarter. M&T Bank Corp now owns 13,690 shares of the company's stock valued at $803,000 after buying an additional 8,703 shares during the last quarter. Finally, Galvin Gaustad & Stein LLC boosted its holdings in shares of Lineage by 20.9% in the 1st quarter. Galvin Gaustad & Stein LLC now owns 192,786 shares of the company's stock valued at $11,303,000 after buying an additional 33,360 shares in the last quarter.

Lineage Stock Performance

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 stock has a market cap of $9.30 billion and a PE ratio of -14.59. The business's 50-day moving average price is $43.28 and its 200-day moving average price is $50.07.

Lineage (NASDAQ:LINE - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.75 by $0.06. Lineage had a negative return on equity of 5.76% and a negative net margin of 10.57%. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. The company's quarterly revenue was up .9% on a year-over-year basis. As a group, equities research analysts expect that Lineage, Inc. will post 2.34 earnings per share for the current fiscal year.

Lineage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, June 30th were paid a dividend of $0.5275 per share. The ex-dividend date was Monday, June 30th. This represents a $2.11 dividend on an annualized basis and a dividend yield of 5.2%. Lineage's payout ratio is presently -75.63%.

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.