Lineage, Inc. $LINE Shares Acquired by SCP Investment LP

SCP Investment LP boosted its position in shares of Lineage, Inc. (NASDAQ:LINE) by 25.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 225,000 shares of the company’s stock after acquiring an additional 45,000 shares during the quarter. Lineage accounts for approximately 7.9% of SCP Investment LP’s investment portfolio, making the stock its 6th biggest position. SCP Investment LP owned 0.10% of Lineage worth $9,792,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Northwest & Ethical Investments L.P. boosted its stake in shares of Lineage by 53.3% in the second quarter. Northwest & Ethical Investments L.P. now owns 29,458 shares of the company’s stock valued at $1,282,000 after purchasing an additional 10,248 shares during the period. Eisler Capital Management Ltd. acquired a new stake in Lineage during the 2nd quarter worth approximately $3,032,000. Rhumbline Advisers boosted its position in Lineage by 9.3% in the 2nd quarter. Rhumbline Advisers now owns 71,559 shares of the company’s stock valued at $3,114,000 after buying an additional 6,064 shares during the period. Legal & General Group Plc boosted its position in Lineage by 10.9% in the 2nd quarter. Legal & General Group Plc now owns 298,207 shares of the company’s stock valued at $12,978,000 after buying an additional 29,211 shares during the period. Finally, Handelsbanken Fonder AB acquired a new position in shares of Lineage in the second quarter worth $735,000.

Lineage Price Performance

Shares of NASDAQ:LINE opened at $35.82 on Thursday. The company has a quick ratio of 0.86, a current ratio of 0.99 and a debt-to-equity ratio of 0.76. The company has a 50-day moving average price of $38.06 and a 200 day moving average price of $41.39. The company has a market cap of $8.18 billion, a P/E ratio of -45.34 and a beta of -0.19. Lineage, Inc. has a 52 week low of $32.46 and a 52 week high of $65.69.

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. The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Lineage had a negative return on equity of 1.85% and a negative net margin of 3.30%.Lineage’s revenue was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.90 earnings per share. Research analysts predict that Lineage, Inc. will post 2.34 earnings per share for the current year.

Lineage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 21st. Shareholders of record on Tuesday, September 30th were given a dividend of $0.5275 per share. This represents a $2.11 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date was Tuesday, September 30th. Lineage’s payout ratio is presently -267.09%.

Insider Transactions at Lineage

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Wells Fargo & Company cut their price target on Lineage from $43.00 to $32.00 and set an “equal weight” rating on the stock in a report on Tuesday. Zacks Research downgraded shares of Lineage from a “hold” rating to a “strong sell” rating in a research note on Monday, September 29th. Morgan Stanley lowered their price target on shares of Lineage from $50.00 to $46.00 and set an “equal weight” rating for the company in a report on Monday, September 22nd. Piper Sandler restated a “neutral” rating and issued a $41.00 price objective (down from $55.00) on shares of Lineage in a report on Thursday, November 6th. Finally, Royal Bank Of Canada lowered their target price on shares of Lineage from $51.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, November 12th. Five research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $45.17.

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.