SCP Investment LP Takes $10.54 Million Position in Lineage, Inc. (NASDAQ:LINE)

SCP Investment LP bought a new position in shares of Lineage, Inc. (NASDAQ:LINE) in the fourth quarter, Holdings Channel reports. The institutional investor bought 180,000 shares of the company’s stock, valued at approximately $10,543,000. Lineage accounts for approximately 8.1% of SCP Investment LP’s investment portfolio, making the stock its 5th largest position.

Other institutional investors have also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC boosted its position 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 last quarter. State of Alaska Department of Revenue lifted its stake in Lineage by 1.0% in the fourth quarter. State of Alaska Department of Revenue now owns 29,724 shares of the company’s stock valued at $1,740,000 after buying an additional 291 shares during the period. Larson Financial Group LLC bought a new position in Lineage during the third quarter worth about $34,000. M&T Bank Corp boosted its holdings 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 during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Lineage by 7,466.7% during the 4th quarter. GAMMA Investing LLC now owns 454 shares of the company’s stock worth $27,000 after buying an additional 448 shares during the period.

Insiders Place Their Bets

In related news, Chairman Adam Matthew Schwartz Forste bought 24,317 shares of Lineage stock in a transaction dated Friday, February 28th. The shares were bought at an average cost of $60.50 per share, with a total value of $1,471,178.50. Following the acquisition, the chairman now owns 24,317 shares in the company, valued at $1,471,178.50. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 1.40% of the company’s stock.

Lineage Stock Performance

LINE stock opened at $58.98 on Friday. The business’s fifty day moving average price is $58.57 and its two-hundred day moving average price is $64.86. Lineage, Inc. has a fifty-two week low of $52.75 and a fifty-two week high of $89.85. The company has a current ratio of 1.07, a quick ratio of 0.95 and a debt-to-equity ratio of 0.62.

Lineage Announces Dividend

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

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered shares of Lineage from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $78.00 to $75.00 in a research note on Friday, December 20th. Robert W. Baird decreased their price target on shares of Lineage from $76.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Piper Sandler dropped their price objective on Lineage from $90.00 to $75.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. Scotiabank boosted their target price on Lineage from $73.00 to $74.00 and gave the company a “sector outperform” rating in a research note on Monday, March 10th. Finally, 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. Eight investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Lineage presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.06.

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.