Limoneira (NASDAQ:LMNR) to Buyback $30.00 million in Outstanding Shares

Limoneira (NASDAQ:LMNR) announced that its board has approved a share repurchase program on Monday, March 17th, RTT News reports. The company plans to repurchase $30.00 million in shares. This repurchase authorization authorizes the company to buy up to 8.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on LMNR shares. Lake Street Capital lowered their price target on Limoneira from $25.00 to $23.00 and set a “hold” rating on the stock in a report on Thursday, March 13th. StockNews.com raised Limoneira from a “sell” rating to a “hold” rating in a report on Thursday, March 13th.

Limoneira Stock Performance

Shares of NASDAQ LMNR opened at $18.18 on Thursday. Limoneira has a 12-month low of $17.80 and a 12-month high of $29.22. The firm has a market capitalization of $328.06 million, a price-to-earnings ratio of 47.84 and a beta of 0.46. The company has a current ratio of 0.74, a quick ratio of 0.69 and a debt-to-equity ratio of 0.21. The firm has a 50 day moving average of $22.24 and a 200 day moving average of $24.94.

Limoneira Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.65%. Limoneira’s payout ratio is 73.17%.

About Limoneira

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.