Lineage (NASDAQ:LINE) Downgraded by Morgan Stanley to "Equal Weight"

Morgan Stanley cut shares of Lineage (NASDAQ:LINE - Free Report) from an overweight rating to an equal weight rating in a research note published on Monday, MarketBeat Ratings reports. They currently have $50.00 price objective on the stock, down from their prior price objective of $75.00.

Other equities analysts also recently issued research reports about the company. Piper Sandler cut their price objective on Lineage from $75.00 to $60.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. BNP Paribas Exane downgraded 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. 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 research report on Thursday, May 1st. BNP Paribas set a $42.00 target price on shares of Lineage in a research report on Thursday, June 12th. Finally, Wells Fargo & Company decreased their price target on shares of Lineage from $64.00 to $48.00 and set an "equal weight" rating on the stock in a research note on Monday, May 19th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $62.10.

Lineage Stock Performance

LINE stock traded up $0.72 during midday trading on Monday, hitting $46.29. The stock had a trading volume of 400,433 shares, compared to its average volume of 986,837. The company has a current ratio of 0.99, a quick ratio of 0.86 and a debt-to-equity ratio of 0.66. The stock has a 50-day simple moving average of $47.49 and a 200 day simple moving average of $54.33. Lineage has a 52 week low of $41.88 and a 52 week high of $89.85. The firm has a market capitalization of $10.58 billion and a price-to-earnings ratio of -14.38.

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 analysts' consensus estimates of $0.82 by $0.04. Lineage had a negative return on equity of 7.24% and a negative net margin of 11.88%. The firm had revenue of $1.29 billion for the quarter, compared to analysts' expectations of $1.34 billion. Lineage's revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Lineage will post 2.34 earnings per share for the current year.

Lineage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 21st. Shareholders of record on Monday, June 30th will be paid a $0.5275 dividend. This represents a $2.11 annualized dividend and a yield of 4.56%. The ex-dividend date of this dividend is Monday, June 30th. Lineage's payout ratio is presently -65.53%.

Insider Buying and Selling

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

Institutional Investors Weigh In On Lineage

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. FIL Ltd acquired a new stake in shares of Lineage in the fourth quarter valued at about $29,000. Costello Asset Management INC bought a new position in Lineage during the 1st quarter worth $29,000. Salomon & Ludwin LLC acquired a new stake in Lineage in the 1st quarter worth about $34,000. PNC Financial Services Group Inc. raised its position in shares of Lineage by 170.4% in the first 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 acquired a new position in Lineage in the 4th quarter valued at $50,000.

Lineage Company 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.