Prudential Financial Inc. Cuts Holdings in Lineage, Inc. (NASDAQ:LINE)

Prudential Financial Inc. decreased its stake in Lineage, Inc. (NASDAQ:LINE) by 66.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 69,464 shares of the company’s stock after selling 138,398 shares during the quarter. Prudential Financial Inc.’s holdings in Lineage were worth $4,413,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. GAMMA Investing LLC raised its position in Lineage by 7,466.7% during the fourth quarter. GAMMA Investing LLC now owns 454 shares of the company’s stock valued at $27,000 after purchasing an additional 448 shares in the last quarter. Stifel Financial Corp purchased a new position in shares of Lineage during the 3rd quarter valued at about $211,000. MetLife Investment Management LLC bought a new stake in Lineage in the 3rd quarter worth approximately $226,000. Quantbot Technologies LP purchased a new stake in Lineage in the third quarter worth approximately $323,000. Finally, Centiva Capital LP bought a new position in Lineage during the third quarter valued at approximately $355,000.

Lineage Stock Performance

Shares of Lineage stock opened at $58.63 on Tuesday. Lineage, Inc. has a 12 month low of $52.75 and a 12 month high of $89.85. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.07 and a quick ratio of 0.95. The business has a fifty day simple moving average of $58.58 and a two-hundred day simple moving average of $64.58.

Lineage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Monday, March 31st will be given a dividend of $0.5275 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.11 dividend on an annualized basis and a yield of 3.60%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on LINE. Piper Sandler cut their price objective on shares of Lineage from $90.00 to $75.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. JPMorgan Chase & Co. downgraded Lineage from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $78.00 to $75.00 in a report on Friday, December 20th. Robert W. Baird dropped their target price on Lineage from $76.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Mizuho decreased their price target on Lineage from $86.00 to $67.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Finally, Royal Bank of Canada dropped their price objective on Lineage from $81.00 to $74.00 and set an “outperform” rating for the company in a research note on Thursday, March 6th. Eight equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $81.06.

Insider Buying and Selling

In related news, Chairman Adam Matthew Schwartz Forste acquired 24,317 shares of the stock in a transaction on Friday, February 28th. The stock was acquired at an average price of $60.50 per share, for a total transaction of $1,471,178.50. Following the completion of the purchase, the chairman now owns 24,317 shares of the company’s stock, valued at $1,471,178.50. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is currently owned by insiders.

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.