Lineage (NASDAQ:LINE) Shares Gap Down - Here's What Happened

Key Points

• Lineage shares fell sharply, opening at $36.60 after a prior close of $39.66 and last trading at $35.29; the article reports a 12.2% decline.
• Analyst sentiment is mixed, with a consensus Hold rating and an average price target of $41.93. Five analysts rate the stock Buy, eight Hold, and three Sell.
• Lineage paid a quarterly dividend of $0.5325 per share, equivalent to an annualized yield of about 6.1%; its chairman also disclosed buying 25,000 shares at $39.50 each.

Lineage, Inc. (NASDAQ:LINE - Get Free Report)'s stock price gapped down prior to trading on Tuesday. The stock had previously closed at $39.66, but opened at $36.60. Lineage shares last traded at $35.2890, with a volume of 114,214 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on LINE. Mizuho upgraded shares of Lineage from a "neutral" rating to an "outperform" rating and lifted their price objective for the company from $40.00 to $47.00 in a research note on Tuesday, July 28th. Robert W. Baird set a $43.00 price target on shares of Lineage in a research note on Thursday, August 6th. Wall Street Zen raised shares of Lineage from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Piper Sandler decreased their price objective on shares of Lineage from $44.00 to $36.00 and set a "neutral" rating on the stock in a research report on Monday, October 12th. Finally, JPMorgan Chase & Co. reduced their price target on Lineage from $40.00 to $37.00 and set an "underweight" rating on the stock in a report on Thursday, October 15th. Five research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $41.93.

Lineage Trading Down 12.2%

The stock has a fifty day simple moving average of $36.29 and a 200 day simple moving average of $38.75. The company has a quick ratio of 0.70, a current ratio of 0.78 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $7.93 billion, a P/E ratio of -48.23 and a beta of 0.79.

Lineage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 21st. Shareholders of record on Wednesday, September 30th were paid a dividend of $0.5325 per share. This represents a $2.13 annualized dividend and a yield of 6.1%. The ex-dividend date of this dividend was Wednesday, September 30th. Lineage's payout ratio is presently -295.83%.

Insider Activity

In other Lineage news, Chairman Kevin Marchetti bought 25,000 shares of the business's stock in a transaction dated Friday, August 28th. The shares were purchased at an average price of $39.50 per share, with a total value of $987,500.00. Following the completion of the purchase, the chairman owned 138,690 shares in the company, valued at $5,478,255. This represents a 21.99% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 71.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lineage

A number of large investors have recently bought and sold shares of LINE. Paralel Advisors LLC acquired a new stake in Lineage during the 2nd quarter valued at approximately $26,000. Global Retirement Partners LLC purchased a new position in Lineage in the 2nd quarter valued at $48,000. Root Financial Partners LLC purchased a new position in Lineage in the 3rd quarter valued at $49,000. Parallel Advisors LLC raised its holdings in Lineage by 172.7% in the 1st quarter. Parallel Advisors LLC now owns 1,650 shares of the company's stock valued at $54,000 after acquiring an additional 1,045 shares during the last quarter. Finally, Caitlin John LLC acquired a new stake in Lineage in the 2nd quarter valued at about $83,000.

Lineage Company Profile

Lineage, Inc is a global temperature-controlled warehousing and logistics company. It operates refrigerated and frozen storage facilities that help food producers, retailers, and other customers manage products that require controlled temperatures.

Its services include cold storage, food processing and handling, blast freezing, transportation, and other supply-chain solutions. By connecting warehouses with transportation and distribution networks, Lineage supports the movement of perishable goods from producers to consumers.

Lineage grew through acquisitions and expansion into international markets, serving customers across North America, Europe, and the Asia-Pacific region.

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