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

Key Points

• Lineage, Inc. (NASDAQ:LINE) shares fell to a new 52-week low of $39.99 following a downgrade by Royal Bank of Canada, which reduced its price target from $64.00 to $51.00.
• Multiple analysts have adjusted their price targets downward, with a consensus target price now at $57.40 and a rating of "Hold" for the stock.
• Insider trading activity includes Chairman Kevin Patrick Marchetti purchasing 23,540 shares and another insider acquiring 3,563 shares, indicating confidence from company leadership despite the stock's recent decline.

Lineage, Inc. (NASDAQ:LINE - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Monday after Royal Bank Of Canada lowered their price target on the stock from $64.00 to $51.00. Royal Bank Of Canada currently has an outperform rating on the stock. Lineage traded as low as $39.99 and last traded at $39.96, with a volume of 318906 shares changing hands. The stock had previously closed at $40.70.

Several other research analysts have also commented on LINE. Scotiabank cut their price objective on Lineage from $56.00 to $50.00 and set a "sector perform" rating for the company in a report on Thursday, May 15th. The Goldman Sachs Group decreased their target price on Lineage from $57.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. JPMorgan Chase & Co. downgraded Lineage from a "neutral" rating to an "underweight" rating and decreased their price objective for the stock from $55.00 to $50.00 in a report on Monday, June 23rd. Citigroup cut their target price on Lineage from $64.00 to $49.00 and set a "neutral" rating on the stock in a research note on Thursday, June 12th. Finally, UBS Group dropped their price objective on Lineage from $49.00 to $45.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 23rd. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $57.40.

Insider Buying and Selling

In other news, Chairman Kevin Patrick Marchetti acquired 23,540 shares of Lineage stock in a transaction on Friday, August 8th. The shares were acquired at an average price of $42.28 per share, with a total value of $995,271.20. Following the purchase, the chairman directly owned 62,323 shares in the company, valued at $2,635,016.44. The trade was a 60.70% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sudarsan V. Thattai bought 3,563 shares of the company's stock in a transaction dated Friday, August 8th. The stock was bought 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 trade represents a 80.61% increase in their position. The disclosure for this purchase can be found here. Insiders own 71.90% of the company's stock.

Hedge Funds Weigh In On Lineage

Institutional investors and hedge funds have recently modified their holdings of the stock. Costello Asset Management INC purchased a new position in shares of Lineage in the 1st quarter worth approximately $29,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Lineage by 172.4% in the 2nd 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 period. Salomon & Ludwin LLC purchased a new position in shares of Lineage in the 1st quarter worth approximately $34,000. Signaturefd LLC boosted its holdings in shares of Lineage by 132.3% in the 2nd quarter. Signaturefd LLC now owns 648 shares of the company's stock worth $28,000 after purchasing an additional 369 shares during the period. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Lineage by 170.4% in the 1st 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 period.

Lineage Trading Down 1.8%

The stock has a fifty day moving average price of $43.28 and a 200 day moving average price of $49.94. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.83 and a current ratio of 0.96. The stock has a market cap of $9.14 billion and a PE ratio of -14.32.

Lineage (NASDAQ:LINE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.33 billion. The company's revenue was up .9% on a year-over-year basis. Equities analysts expect that Lineage, Inc. will post 2.34 EPS for the current year.

Lineage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, June 30th were given a dividend of $0.5275 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.11 dividend on an annualized basis and a yield of 5.3%. Lineage's payout ratio is -75.63%.

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.

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