Norges Bank Takes Position in Lineage, Inc. $LINE

Norges Bank bought a new stake in shares of Lineage, Inc. (NASDAQ:LINE) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 13,939,391 shares of the company’s stock, valued at approximately $606,642,000. Norges Bank owned about 6.10% of Lineage as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of LINE. Signaturefd LLC raised its position in shares of Lineage by 132.3% in the second quarter. Signaturefd LLC now owns 648 shares of the company’s stock valued at $28,000 after buying an additional 369 shares during the last quarter. Costello Asset Management INC purchased a new stake in Lineage in the 1st quarter worth approximately $29,000. Allworth Financial LP raised its holdings in Lineage by 426.4% in the 2nd quarter. Allworth Financial LP now owns 758 shares of the company’s stock valued at $33,000 after acquiring an additional 614 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in Lineage by 29,300.0% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 882 shares of the company’s stock valued at $38,000 after acquiring an additional 879 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Lineage by 170.4% during 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.

Analyst Upgrades and Downgrades

LINE has been the subject of a number of recent analyst reports. Evercore ISI lowered their price objective on Lineage from $44.00 to $38.00 and set an “in-line” rating for the company in a research report on Monday, November 10th. Truist Financial decreased their price target on Lineage from $60.00 to $53.00 and set a “buy” rating on the stock in a research note on Friday, August 22nd. Wells Fargo & Company dropped their price objective on shares of Lineage from $43.00 to $32.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 25th. Barclays cut their price objective on shares of Lineage from $51.00 to $47.00 and set an “overweight” rating on the stock in a report on Wednesday, October 22nd. Finally, Scotiabank lowered their target price on shares of Lineage from $42.00 to $37.00 and set a “sector perform” rating for the company in a report on Wednesday, November 12th. Five analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $45.17.

Insider Buying and Selling

In related news, Chairman Kevin Patrick Marchetti acquired 14,500 shares of Lineage stock in a transaction on Monday, November 10th. The shares were bought at an average price of $33.72 per share, for a total transaction of $488,940.00. Following the completion of the purchase, the chairman directly owned 89,168 shares in the company, valued at $3,006,744.96. This trade represents a 19.42% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Robb A. Lemasters bought 30,000 shares of the firm’s stock in a transaction dated Thursday, November 13th. The stock was bought at an average cost of $33.74 per share, with a total value of $1,012,200.00. Following the transaction, the chief financial officer directly owned 60,000 shares of the company’s stock, valued at approximately $2,024,400. This trade represents a 100.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders purchased 129,000 shares of company stock valued at $4,366,940. 71.90% of the stock is owned by company insiders.

Lineage Stock Down 0.1%

LINE opened at $35.80 on Friday. Lineage, Inc. has a 1 year low of $32.46 and a 1 year high of $65.57. The firm has a 50 day moving average price of $37.88 and a 200 day moving average price of $41.23. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.86 and a current ratio of 0.99. The company has a market cap of $8.17 billion, a PE ratio of -45.31 and a beta of -0.19.

Lineage (NASDAQ:LINE) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.07. Lineage had a negative net margin of 3.30% and a negative return on equity of 1.85%. The company had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the firm earned $0.90 earnings per share. Lineage’s revenue for the quarter was up 3.1% on a year-over-year basis. Sell-side analysts expect that Lineage, Inc. will post 2.34 earnings per share for the current year.

Lineage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 21st. Investors of record on Tuesday, September 30th were issued a $0.5275 dividend. This represents a $2.11 annualized dividend and a yield of 5.9%. The ex-dividend date was Tuesday, September 30th. Lineage’s dividend payout ratio is currently -267.09%.

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.