Limoneira Declares Quarterly Dividend of $0.08 (NASDAQ:LMNR)

Limoneira (NASDAQ:LMNR) announced a quarterly dividend on Wednesday, March 19th, RTT News reports. Investors of record on Monday, March 31st will be paid a dividend of 0.075 per share on Friday, April 11th. This represents a $0.30 annualized dividend and a yield of 1.65%.

Limoneira has a payout ratio of 34.9% meaning its dividend is sufficiently covered by earnings.

Limoneira Price Performance

Shares of LMNR opened at $18.15 on Wednesday. Limoneira has a fifty-two week low of $17.80 and a fifty-two week high of $29.22. The firm’s 50 day moving average price is $22.36 and its 200 day moving average price is $24.99. The company has a market cap of $327.52 million, a P/E ratio of 47.76 and a beta of 0.46. The company has a quick ratio of 0.69, a current ratio of 0.74 and a debt-to-equity ratio of 0.21.

Limoneira announced that its Board of Directors has authorized a stock repurchase program on Monday, March 17th that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 8.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have commented on LMNR. Lake Street Capital lowered their price target on shares of Limoneira from $25.00 to $23.00 and set a “hold” rating for the company in a report on Thursday, March 13th. StockNews.com upgraded shares of Limoneira from a “sell” rating to a “hold” rating in a report on Thursday, March 13th.

Limoneira Company Profile

Limoneira Company operates as an agribusiness and real estate development company in the United States and internationally. The company operates through three divisions: Agribusiness, Rental Operations, and Real Estate Development. It grows, processes, packs, markets, and sells lemons. The company also grows avocado, oranges, and specialty citrus and other crops, including Moro blood oranges, Cara Cara oranges, Valencia oranges, Minneola tangelos, Star Ruby grapefruit, pummelos, and wine grapes.