Lineage (NASDAQ:LINE) Announces Earnings Results

Lineage (NASDAQ:LINE) issued its quarterly earnings results on Wednesday. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.07, Zacks reports. The business had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.37 billion. Lineage had a negative return on equity of 5.76% and a negative net margin of 10.57%.The business’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.90 earnings per share.

Lineage Trading Down 0.0%

Lineage stock traded down $0.01 during trading on Wednesday, hitting $37.72. The company had a trading volume of 1,056,808 shares, compared to its average volume of 1,058,688. The company’s 50 day simple moving average is $40.34 and its 200-day simple moving average is $43.12. The stock has a market cap of $8.63 billion, a price-to-earnings ratio of -13.56 and a beta of -0.20. The company has a current ratio of 0.96, a quick ratio of 0.83 and a debt-to-equity ratio of 0.72. Lineage has a 1-year low of $36.66 and a 1-year high of $74.61.

Lineage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 21st. Investors of record on Tuesday, September 30th were issued a $0.5275 dividend. This represents a $2.11 annualized dividend and a yield of 5.6%. The ex-dividend date was Tuesday, September 30th. Lineage’s dividend payout ratio (DPR) is -75.63%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Lineage in a research report on Friday, October 31st. Zacks Research downgraded Lineage from a “hold” rating to a “strong sell” rating in a research report on Monday, September 29th. Piper Sandler cut their target price on Lineage from $60.00 to $55.00 and set an “overweight” rating on the stock in a research report on Thursday, August 7th. Truist Financial cut their price target on Lineage from $60.00 to $53.00 and set a “buy” rating on the stock in a research report on Friday, August 22nd. Finally, JPMorgan Chase & Co. cut their price target on Lineage from $44.00 to $43.00 and set an “underweight” rating on the stock in a research report on Tuesday, September 23rd. Six equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and six have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Lineage has a consensus rating of “Hold” and an average price target of $48.33.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Lineage

A number of institutional investors and hedge funds have recently bought and sold shares of LINE. Millennium Management LLC raised its holdings in shares of Lineage by 197.0% in the first quarter. Millennium Management LLC now owns 288,518 shares of the company’s stock valued at $16,916,000 after buying an additional 191,362 shares during the last quarter. Darlington Partners Capital Management LP raised its holdings in shares of Lineage by 5.2% in the second quarter. Darlington Partners Capital Management LP now owns 3,527,000 shares of the company’s stock valued at $153,495,000 after buying an additional 175,000 shares during the last quarter. State Street Corp raised its holdings in shares of Lineage by 8.9% in the second quarter. State Street Corp now owns 1,780,270 shares of the company’s stock valued at $78,402,000 after buying an additional 145,742 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in shares of Lineage in the second quarter valued at about $6,067,000. Finally, Bank of America Corp DE raised its holdings in shares of Lineage by 67.5% in the second quarter. Bank of America Corp DE now owns 188,961 shares of the company’s stock valued at $8,224,000 after buying an additional 76,145 shares during the last quarter.

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.