Scotiabank Cuts Lineage (NASDAQ:LINE) Price Target to $37.00

Lineage (NASDAQ:LINE) had its target price decreased by Scotiabank from $42.00 to $37.00 in a report released on Wednesday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

Several other equities research analysts have also recently weighed in on LINE. Piper Sandler reissued a “neutral” rating and issued a $41.00 price objective (down from $55.00) on shares of Lineage in a research report on Thursday, November 6th. Bank of America reiterated an “underperform” rating and issued a $42.00 target price (down previously from $47.00) on shares of Lineage in a research note on Monday, August 11th. Mizuho lowered their price objective on Lineage from $44.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Zacks Research cut shares of Lineage from a “hold” rating to a “strong sell” rating in a research note on Monday, September 29th. Finally, Wells Fargo & Company decreased their price objective on Lineage from $48.00 to $43.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 27th. Five 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 company presently has an average rating of “Reduce” and an average price target of $46.06.

Lineage Price Performance

NASDAQ LINE opened at $33.41 on Wednesday. Lineage has a 52-week low of $32.65 and a 52-week high of $66.38. The company has a 50 day simple moving average of $39.27 and a 200-day simple moving average of $42.11. The firm has a market capitalization of $7.63 billion, a price-to-earnings ratio of -42.29 and a beta of -0.19. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.99 and a quick ratio of 0.86.

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

Lineage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 21st. Investors of record on Tuesday, September 30th were paid a dividend of $0.5275 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $2.11 annualized dividend and a yield of 6.3%. Lineage’s payout ratio is -267.09%.

Insider Activity

In related news, Chairman Adam Matthew Schwartz Forste purchased 74,000 shares of the firm’s stock in a transaction dated Monday, November 10th. The stock was acquired at an average price of $33.83 per share, with a total value of $2,503,420.00. Following the completion of the transaction, the chairman owned 109,266 shares of the company’s stock, valued at $3,696,468.78. This represents a 209.83% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Robert Crisci purchased 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The stock was bought at an average cost of $34.56 per share, for a total transaction of $345,600.00. Following the completion of the acquisition, the chief financial officer directly owned 107,859 shares of the company’s stock, valued at $3,727,607.04. This represents a 10.22% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired 110,845 shares of company stock worth $3,837,192 over the last ninety days. Corporate insiders own 71.90% of the company’s stock.

Hedge Funds Weigh In On Lineage

A number of hedge funds have recently bought and sold shares of the company. Jones Financial Companies Lllp grew its position in shares of Lineage by 82.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 665 shares of the company’s stock worth $25,000 after acquiring an additional 300 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Lineage by 172.4% during the second quarter. EverSource Wealth Advisors LLC now owns 572 shares of the company’s stock valued at $25,000 after purchasing an additional 362 shares during the last quarter. Signaturefd LLC lifted its position in shares of Lineage by 132.3% in the 2nd quarter. Signaturefd LLC now owns 648 shares of the company’s stock worth $28,000 after buying an additional 369 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Lineage by 170.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 730 shares of the company’s stock valued at $43,000 after buying an additional 460 shares during the period. Finally, Strs Ohio grew its position in shares of Lineage by 0.5% during the 2nd quarter. Strs Ohio now owns 98,088 shares of the company’s stock valued at $4,269,000 after buying an additional 488 shares during the last quarter.

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.