Lineage (NASDAQ:LINE) Cut to “Underweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of Lineage (NASDAQ:LINE) from a neutral rating to an underweight rating in a research note issued to investors on Monday, Marketbeat.com reports. The brokerage currently has $50.00 price target on the stock, down from their prior price target of $55.00.

Several other equities research analysts also recently issued reports on LINE. Royal Bank Of Canada decreased their price target on Lineage from $81.00 to $74.00 and set an “outperform” rating for the company in a report on Thursday, March 6th. The Goldman Sachs Group reduced their price objective on Lineage from $74.00 to $63.00 and set a “buy” rating for the company in a research note on Wednesday, May 14th. Piper Sandler reduced their price objective on Lineage from $75.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday, May 5th. BNP Paribas Exane downgraded Lineage from a “neutral” rating to an “underperform” rating and set a $42.00 price objective for the company. in a research note on Thursday, June 12th. Finally, Wells Fargo & Company reduced their price objective on Lineage from $64.00 to $48.00 and set an “equal weight” rating for the company in a research note on Monday, May 19th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $62.10.

Lineage Price Performance

Shares of NASDAQ:LINE opened at $44.00 on Monday. The company has a quick ratio of 0.86, a current ratio of 0.99 and a debt-to-equity ratio of 0.66. Lineage has a twelve month low of $41.88 and a twelve month high of $89.85. The stock’s 50 day moving average is $47.12 and its 200-day moving average is $54.20. The firm has a market capitalization of $10.06 billion and a price-to-earnings ratio of -13.66.

Lineage (NASDAQ:LINE) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.04. Lineage had a negative return on equity of 7.24% and a negative net margin of 11.88%. The business had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.34 billion. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. Sell-side analysts forecast that Lineage will post 2.34 EPS for the current fiscal year.

Lineage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 21st. Investors of record on Monday, June 30th will be paid a dividend of $0.5275 per share. The ex-dividend date is Monday, June 30th. This represents a $2.11 dividend on an annualized basis and a dividend yield of 4.80%. Lineage’s payout ratio is -65.53%.

Insider Activity at Lineage

In related news, Chairman Kevin Patrick Marchetti acquired 11,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 6th. The shares were bought at an average cost of $43.75 per share, for a total transaction of $503,125.00. Following the purchase, the chairman now owns 27,733 shares in the company, valued at $1,213,318.75. This trade represents a 70.84% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sudarsan V. Thattai acquired 4,420 shares of the firm’s stock in a transaction that occurred on Monday, May 5th. The shares were bought at an average price of $45.23 per share, for a total transaction of $199,916.60. Following the completion of the purchase, the insider now owns 4,420 shares in the company, valued at $199,916.60. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 26,869 shares of company stock worth $1,194,980. 71.90% of the stock is owned by company insiders.

Institutional Trading of Lineage

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nissay Asset Management Corp Japan ADV grew its position in Lineage by 4.0% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 8,910 shares of the company’s stock worth $526,000 after buying an additional 340 shares in the last quarter. State of Alaska Department of Revenue grew its position in Lineage by 1.2% during the first quarter. State of Alaska Department of Revenue now owns 30,095 shares of the company’s stock worth $1,764,000 after buying an additional 371 shares in the last quarter. M&T Bank Corp grew its position in Lineage by 9.7% during the fourth quarter. M&T Bank Corp now owns 4,987 shares of the company’s stock worth $292,000 after buying an additional 439 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Lineage by 170.4% during the first quarter. PNC Financial Services Group Inc. now owns 730 shares of the company’s stock worth $43,000 after buying an additional 460 shares in the last quarter. Finally, EPIQ Capital Group LLC grew its position in Lineage by 10.9% during the fourth quarter. EPIQ Capital Group LLC now owns 5,100 shares of the company’s stock worth $301,000 after buying an additional 500 shares in 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.