AIA Group Ltd Sells 3,967 Shares of Lineage, Inc. (NASDAQ:LINE)

AIA Group Ltd trimmed its position in Lineage, Inc. (NASDAQ:LINE) by 10.1% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 35,310 shares of the company’s stock after selling 3,967 shares during the quarter. AIA Group Ltd’s holdings in Lineage were worth $2,070,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Nissay Asset Management Corp Japan ADV increased its position in Lineage by 4.0% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 8,910 shares of the company’s stock valued at $526,000 after buying an additional 340 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in Lineage by 1.2% during the 1st quarter. State of Alaska Department of Revenue now owns 30,095 shares of the company’s stock valued at $1,764,000 after purchasing an additional 371 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Lineage by 170.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 730 shares of the company’s stock valued at $43,000 after purchasing an additional 460 shares during the last quarter. Costello Asset Management INC acquired a new position in Lineage during the 1st quarter valued at about $29,000. Finally, FIL Ltd acquired a new position in Lineage during the 4th quarter valued at about $29,000.

Lineage Trading Down 3.7%

NASDAQ:LINE opened at $40.09 on Tuesday. 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 market capitalization of $9.16 billion and a PE ratio of -14.37. The firm’s 50 day moving average is $43.54 and its 200 day moving average is $50.47. Lineage, Inc. has a 12 month low of $40.06 and a 12 month high of $88.07.

Lineage (NASDAQ:LINE) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.06. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Lineage had a negative net margin of 10.57% and a negative return on equity of 5.76%. The company’s revenue for the quarter was up .9% compared to the same quarter last year. 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 Monday, July 21st. Investors of record on Monday, June 30th were issued a $0.5275 dividend. This represents a $2.11 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date of this dividend was Monday, June 30th. Lineage’s payout ratio is -75.63%.

Insider Buying and Selling

In other Lineage news, insider Sudarsan V. Thattai bought 3,563 shares of the stock in a transaction on Friday, August 8th. The shares were acquired at an average price of $42.45 per share, with a total value of $151,249.35. Following the acquisition, the insider directly owned 7,983 shares of the company’s stock, valued at $338,878.35. The trade was a 80.61% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Kevin Patrick Marchetti bought 23,540 shares of the stock in a transaction on Friday, August 8th. The shares were acquired at an average cost 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders own 71.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on LINE shares. BNP Paribas Exane downgraded Lineage from a “neutral” rating to an “underperform” rating and set a $42.00 price target for the company. in a research note on Thursday, June 12th. BNP Paribas set a $42.00 price target on Lineage in a research note on Thursday, June 12th. Piper Sandler cut their price target on Lineage from $60.00 to $55.00 and set an “overweight” rating for the company in a research note on Thursday, August 7th. The Goldman Sachs Group cut their price target on Lineage from $74.00 to $63.00 and set a “buy” rating for the company in a research note on Wednesday, May 14th. Finally, JPMorgan Chase & Co. downgraded Lineage from a “neutral” rating to an “underweight” rating and cut their price target for the company from $55.00 to $50.00 in a research note on Monday, June 23rd. Four analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $59.85.

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.