Citigroup Initiates Coverage on Lineage (NASDAQ:LINE)

Citigroup assumed coverage on shares of Lineage (NASDAQ:LINE) in a research report released on Friday morning, Marketbeat.com reports. The brokerage issued a neutral rating and a $64.00 target price on the stock.

LINE has been the topic of several other research reports. Mizuho cut their price objective on shares of Lineage from $86.00 to $67.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Piper Sandler cut their price target on shares of Lineage from $90.00 to $75.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Royal Bank of Canada decreased their price objective on shares of Lineage from $81.00 to $74.00 and set an “outperform” rating for the company in a report on Thursday, March 6th. BNP Paribas started coverage on Lineage in a research report on Tuesday, January 14th. They issued a “neutral” rating and a $61.00 price target for the company. Finally, Scotiabank raised their price objective on Lineage from $73.00 to $74.00 and gave the company a “sector outperform” rating in a research note on Monday, March 10th. Eight investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Lineage currently has an average rating of “Moderate Buy” and a consensus target price of $81.06.

Lineage Price Performance

LINE opened at $58.98 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.07 and a debt-to-equity ratio of 0.62. Lineage has a fifty-two week low of $52.75 and a fifty-two week high of $89.85. The business has a 50-day moving average of $58.57 and a 200-day moving average of $64.74.

Lineage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, March 31st will be given a dividend of $0.5275 per share. This represents a $2.11 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date is Monday, March 31st.

Insider Activity at Lineage

In other news, Chairman Adam Matthew Schwartz Forste acquired 24,317 shares of the stock in a transaction dated Friday, February 28th. The shares were acquired at an average cost of $60.50 per share, for a total transaction of $1,471,178.50. Following the completion of the transaction, the chairman now owns 24,317 shares in the company, valued at approximately $1,471,178.50. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC increased its holdings in Lineage by 1.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 10,154 shares of the company’s stock valued at $595,000 after buying an additional 185 shares during the period. State of Alaska Department of Revenue boosted its position in shares of Lineage by 1.0% during the 4th quarter. State of Alaska Department of Revenue now owns 29,724 shares of the company’s stock valued at $1,740,000 after acquiring an additional 291 shares in the last quarter. Nissay Asset Management Corp Japan ADV increased its stake in Lineage by 4.0% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 8,910 shares of the company’s stock valued at $526,000 after acquiring an additional 340 shares during the period. Larson Financial Group LLC acquired a new position in Lineage in the third quarter worth about $34,000. Finally, M&T Bank Corp lifted its stake 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 purchasing an additional 439 shares during the period.

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.