Morgan Stanley lowered shares of Lineage (NASDAQ:LINE – Free Report) from an overweight rating to an equal weight rating in a research report report published on Monday morning, MarketBeat.com reports. They currently have $50.00 target price on the stock, down from their previous target price of $75.00.
Other equities research analysts have also recently issued reports about the stock. Piper Sandler decreased their price objective on shares of Lineage from $75.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, May 5th. Robert W. Baird dropped their price target on Lineage from $70.00 to $64.00 and set an “outperform” rating on the stock in a research note on Thursday, May 1st. UBS Group dropped their price objective on shares of Lineage from $62.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, May 2nd. Citigroup dropped their price objective 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, Evercore ISI cut their target price on Lineage from $68.00 to $59.00 and set an “in-line” rating on the stock in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Lineage has a consensus rating of “Hold” and a consensus target price of $62.10.
Read Our Latest Report on LINE
Lineage Stock Performance
Lineage (NASDAQ:LINE – Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.04. The business had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.34 billion. Lineage had a negative net margin of 11.88% and a negative return on equity of 7.24%. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. On average, equities analysts forecast that Lineage will post 2.34 earnings per share for the current fiscal year.
Lineage Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 21st. Stockholders of record on Monday, June 30th will be given a $0.5275 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.11 annualized dividend and a dividend yield of 4.63%. Lineage’s payout ratio is presently -65.53%.
Insiders Place Their Bets
In other Lineage news, insider Sudarsan V. Thattai purchased 4,420 shares of the stock in a transaction on Monday, May 5th. The stock was acquired at an average price of $45.23 per share, with a total value of $199,916.60. Following the completion of the acquisition, the insider now owns 4,420 shares in the company, valued at $199,916.60. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Adam Matthew Schwartz Forste bought 10,949 shares of the stock in a transaction that occurred on Thursday, May 8th. The stock was bought at an average price of $44.93 per share, with a total value of $491,938.57. Following the completion of the purchase, the chairman now directly owns 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 disclosure for this purchase can be found here. Insiders purchased a total of 26,869 shares of company stock worth $1,194,980 over the last 90 days. Company insiders own 71.90% of the company’s stock.
Institutional Investors Weigh In On Lineage
A number of large investors have recently bought and sold shares of the company. Costello Asset Management INC purchased a new position in shares of Lineage during the 1st quarter valued at about $29,000. FIL Ltd acquired a new stake in Lineage during the fourth quarter worth about $29,000. Salomon & Ludwin LLC acquired a new stake in Lineage during the first quarter worth about $34,000. PNC Financial Services Group Inc. raised its position in Lineage by 170.4% during the first quarter. PNC Financial Services Group Inc. now owns 730 shares of the company’s stock valued at $43,000 after acquiring an additional 460 shares in the last quarter. Finally, Quarry LP acquired a new position in Lineage in the fourth quarter valued at approximately $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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