Scotiabank Cuts Lineage (NASDAQ:LINE) Price Target to $44.00

Lineage (NASDAQ:LINE) had its target price decreased by Scotiabank from $45.00 to $44.00 in a research report sent to investors on Thursday, Marketbeat Ratings reports. Scotiabank currently has a sector perform rating on the stock.

A number of other research firms have also recently weighed in on LINE. The Goldman Sachs Group set a $53.00 target price on shares of Lineage in a research note on Wednesday, August 12th. Citigroup raised their price target on shares of Lineage from $42.00 to $43.00 and gave the stock a “neutral” rating in a research note on Thursday, August 13th. Wells Fargo & Company lifted their price objective on Lineage from $36.00 to $38.00 and gave the company an “equal weight” rating in a report on Tuesday, September 1st. Wall Street Zen upgraded Lineage from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Morgan Stanley increased their target price on Lineage from $39.00 to $47.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 2nd. Five investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $44.13.

Lineage Trading Down 3.0%

Shares of Lineage stock opened at $36.81 on Thursday. The firm has a market capitalization of $8.38 billion, a PE ratio of -51.12 and a beta of 0.82. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.78 and a quick ratio of 0.70. The company’s fifty day moving average price is $40.91 and its two-hundred day moving average price is $39.79. Lineage has a 52-week low of $31.33 and a 52-week high of $45.75.

Lineage (NASDAQ:LINE) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.98. The company had revenue of $1.36 billion during 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 was up .8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.81 EPS. On average, analysts expect that Lineage will post 2.5 EPS for the current year.

Lineage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 21st. Investors of record on Wednesday, September 30th will be given a dividend of $0.5325 per share. The ex-dividend date is Wednesday, September 30th. This represents a $2.13 dividend on an annualized basis and a dividend yield of 5.8%. Lineage’s dividend payout ratio (DPR) is -295.83%.

Insider Activity

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Norges Bank acquired a new stake in Lineage during the 4th quarter valued at $482,255,000. BlackRock Inc. bought a new position in Lineage in the 2nd quarter valued at $227,511,000. Bank of America Corp DE boosted its stake in Lineage by 712.1% in the first quarter. Bank of America Corp DE now owns 3,610,123 shares of the company’s stock worth $118,268,000 after purchasing an additional 3,165,593 shares in the last quarter. HighTower Advisors LLC boosted its stake in Lineage by 6.1% in the second quarter. HighTower Advisors LLC now owns 2,286,166 shares of the company’s stock worth $98,877,000 after purchasing an additional 130,895 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Lineage during the second quarter worth $44,638,000.

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.