Royal Bank Of Canada Cuts Lineage (NASDAQ:LINE) Price Target to $51.00

Lineage (NASDAQ:LINE) had its price target cut by Royal Bank Of Canada from $64.00 to $51.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts have also commented on the company. BNP Paribas Exane lowered Lineage from a “neutral” rating to an “underperform” rating and set a $42.00 price target for the company. in a research report on Thursday, June 12th. Morgan Stanley lowered Lineage from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $75.00 to $50.00 in a research report on Monday, June 23rd. Bank of America reaffirmed an “underperform” rating and set a $42.00 price target (down previously from $47.00) on shares of Lineage in a research report on Monday, August 11th. Robert W. Baird lowered their price target on Lineage from $64.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, August 13th. Finally, KeyCorp reaffirmed a “sector weight” rating and set a $84.00 price target on shares of Lineage in a research report on Tuesday, July 1st. Six investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $53.56.

Lineage Trading Down 2.1%

NASDAQ LINE opened at $39.18 on Monday. Lineage has a 1-year low of $39.10 and a 1-year high of $86.80. The company has a current ratio of 0.96, a quick ratio of 0.83 and a debt-to-equity ratio of 0.72. The stock has a 50-day moving average of $42.93 and a 200-day moving average of $49.65. The firm has a market cap of $8.96 billion and a PE ratio of -14.04.

Lineage (NASDAQ:LINE) last released its earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share 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 analyst estimates of $1.33 billion. The company’s revenue for the quarter was up .9% on a year-over-year basis. As a group, sell-side analysts forecast that Lineage 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 issued a dividend of $0.5275 per share. The ex-dividend date was Monday, June 30th. This represents a $2.11 dividend on an annualized basis and a dividend yield of 5.4%. Lineage’s dividend payout ratio is -75.63%.

Insider Buying and Selling

In other news, insider Sudarsan V. Thattai bought 3,563 shares of Lineage stock in a transaction on Friday, August 8th. The shares were purchased at an average price of $42.45 per share, for a total transaction of $151,249.35. Following the acquisition, the insider owned 7,983 shares of the company’s stock, valued at approximately $338,878.35. The trade was a 80.61% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Kevin Patrick Marchetti bought 23,540 shares of Lineage stock in a transaction on Friday, August 8th. The shares were purchased at an average price of $42.28 per share, for a total transaction of $995,271.20. Following the acquisition, the chairman directly owned 62,323 shares in the company, valued at approximately $2,635,016.44. This trade represents a 60.70% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 39,448 shares of company stock worth $1,645,752 in the last quarter. Company insiders own 71.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in LINE. Norges Bank purchased a new position in shares of Lineage during the 2nd quarter worth approximately $606,642,000. D1 Capital Partners L.P. grew its stake in shares of Lineage by 257.5% in the 4th quarter. D1 Capital Partners L.P. now owns 3,753,598 shares of the company’s stock worth $219,848,000 after buying an additional 2,703,598 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Lineage by 75.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,364,697 shares of the company’s stock worth $255,903,000 after buying an additional 1,880,587 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Lineage by 92.1% in the 4th quarter. Janus Henderson Group PLC now owns 3,233,219 shares of the company’s stock worth $189,380,000 after buying an additional 1,550,478 shares during the last quarter. Finally, Darlington Partners Capital Management LP purchased a new stake in shares of Lineage in the 4th quarter worth approximately $90,491,000.

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.