Lineage (NASDAQ:LINE) Given New $44.00 Price Target at Scotiabank

Lineage (NASDAQ:LINE) had its price target lowered by investment analysts at Scotiabank from $45.00 to $44.00 in a report released on Thursday, Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s target price points to a potential upside of 15.06% from the company’s current price.

Several other equities analysts also recently weighed in on the stock. Morgan Stanley raised their target price on shares of Lineage from $39.00 to $47.00 and gave the company an “equal weight” rating in a report on Tuesday, June 2nd. Truist Financial upped their target price on shares of Lineage from $44.00 to $46.00 and gave the company a “buy” rating in a report on Wednesday, June 17th. Mizuho upgraded shares of Lineage from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $40.00 to $47.00 in a report on Tuesday, July 28th. Robert W. Baird set a $43.00 price objective on shares of Lineage in a research report on Thursday, August 6th. Finally, Wall Street Zen upgraded shares of Lineage from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Five equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $44.13.

Lineage Price Performance

Shares of LINE traded up $0.30 during mid-day trading on Thursday, hitting $38.24. The company’s stock had a trading volume of 392,260 shares, compared to its average volume of 1,105,279. The firm has a 50-day simple moving average of $41.15 and a 200 day simple moving average of $39.82. The firm has a market capitalization of $8.71 billion, a P/E ratio of -53.04 and a beta of 0.82. The company has a current ratio of 0.78, a quick ratio of 0.70 and a debt-to-equity ratio of 0.84. Lineage has a 1-year low of $31.33 and a 1-year high of $45.75.

Lineage (NASDAQ:LINE) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.98. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Lineage had a negative net margin of 3.15% and a negative return on equity of 1.85%. The business’s revenue for the quarter was up .8% on a year-over-year basis. During the same period in the prior year, the company posted $0.81 EPS. Analysts predict that Lineage will post 2.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Chairman Kevin Marchetti purchased 25,000 shares of the stock in a transaction on Friday, August 28th. The stock was purchased at an average price of $39.50 per share, with a total value of $987,500.00. Following the completion of the transaction, the chairman owned 138,690 shares in the company, valued at approximately $5,478,255. The trade was a 21.99% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Robb LeMasters bought 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were acquired at an average cost of $41.33 per share, with a total value of $826,600.00. Following the transaction, the chief financial officer owned 49,500 shares in the company, valued at approximately $2,045,835. This represents a 67.80% increase in their position. The SEC filing for this purchase provides additional information. 71.60% of the stock is currently owned by company insiders.

Institutional Trading of Lineage

Hedge funds have recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Lineage in the 4th quarter worth about $482,255,000. BlackRock Inc. acquired a new position in Lineage during the second quarter worth about $227,511,000. Bank of America Corp DE acquired a new stake in shares of Lineage during the 2nd quarter valued at $156,045,000. Bank of New York Mellon Corp purchased a new stake in shares of Lineage in the 2nd quarter valued at approximately $44,638,000. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Lineage in the second quarter valued at $41,271,000.

About Lineage

Lineage, Inc (NASDAQ: LINE) is a global real estate investment trust focused on temperature-controlled industrial properties and the food supply chain. The company owns, operates and develops a network of cold-storage facilities designed to preserve perishable products, including frozen and refrigerated food, from production through distribution and retail.

Lineage provides temperature-controlled warehousing, inventory management, transportation coordination and related supply-chain services.