Lineage (NASDAQ:LINE) Announces Quarterly Earnings Results

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

Lineage Stock Performance

NASDAQ LINE traded down $2.02 during trading on Thursday, reaching $35.86. 1,086,411 shares of the company’s stock were exchanged, compared to its average volume of 1,061,106. The business has a 50 day moving average price of $40.26 and a 200-day moving average price of $43.08. The stock has a market capitalization of $8.20 billion, a P/E ratio of -12.88 and a beta of -0.19. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.96 and a quick ratio of 0.83. Lineage has a fifty-two week low of $35.21 and a fifty-two week high of $68.81.

Lineage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 21st. Investors of record on Tuesday, September 30th were given a $0.5275 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $2.11 dividend on an annualized basis and a dividend yield of 5.9%. Lineage’s payout ratio is currently -75.63%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on LINE. Morgan Stanley cut their target price on Lineage from $50.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Monday, September 22nd. Robert W. Baird reduced their price target on Lineage from $64.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, August 13th. Bank of America reaffirmed an “underperform” rating and issued a $42.00 price target (down previously from $47.00) on shares of Lineage in a research report on Monday, August 11th. Royal Bank Of Canada cut their price target on Lineage from $64.00 to $51.00 and set an “outperform” rating for the company in a report on Monday, August 18th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lineage in a report on Friday, October 31st. Five equities research 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, Lineage presently has a consensus rating of “Reduce” and a consensus price target of $47.33.

Insider Activity at Lineage

In related news, Chairman Kevin Patrick Marchetti purchased 23,540 shares of Lineage stock in a transaction that occurred on Friday, August 8th. The shares were acquired at an average price of $42.28 per share, with a total value of $995,271.20. Following the completion of the transaction, the chairman directly owned 62,323 shares of the company’s stock, valued at $2,635,016.44. This represents a 60.70% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sudarsan V. Thattai bought 3,563 shares of Lineage stock in a transaction on Friday, August 8th. The stock was acquired at an average cost of $42.45 per share, for a total transaction of $151,249.35. Following the acquisition, the insider owned 7,983 shares in the company, valued at approximately $338,878.35. This represents a 80.61% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 39,448 shares of company stock worth $1,645,752 in the last ninety days. 71.90% of the stock is owned by company insiders.

Institutional Trading of Lineage

Large investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its stake in Lineage by 172.4% during the 2nd 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. Tower Research Capital LLC TRC grew its position in shares of Lineage by 69.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,427 shares of the company’s stock valued at $149,000 after purchasing an additional 1,401 shares in the last quarter. California State Teachers Retirement System grew its position in shares of Lineage by 16.3% during the 2nd quarter. California State Teachers Retirement System now owns 4,455 shares of the company’s stock valued at $194,000 after purchasing an additional 626 shares in the last quarter. Royal Bank of Canada grew its position in Lineage by 15.2% in the first quarter. Royal Bank of Canada now owns 4,956 shares of the company’s stock worth $290,000 after acquiring an additional 653 shares in the last quarter. Finally, Captrust Financial Advisors grew its stake in shares of Lineage by 67.5% during the second quarter. Captrust Financial Advisors now owns 6,830 shares of the company’s stock valued at $297,000 after buying an additional 2,752 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.