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

Limoneira (NASDAQ:LMNR) declared a quarterly dividend on Tuesday, March 18th, RTT News reports. Shareholders 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 1.70%. The ex-dividend date is Monday, March 31st.

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

Limoneira Stock Down 3.2 %

LMNR stock traded down $0.58 during midday trading on Thursday, reaching $17.60. 86,139 shares of the company’s stock traded hands, compared to its average volume of 49,534. The company has a quick ratio of 0.69, a current ratio of 0.74 and a debt-to-equity ratio of 0.21. The firm’s fifty day moving average price is $22.24 and its 200-day moving average price is $24.94. Limoneira has a 52 week low of $17.57 and a 52 week high of $29.22. The company has a market cap of $317.59 million, a price-to-earnings ratio of 46.32 and a beta of 0.46.

Limoneira announced that its board has approved a stock repurchase program on Monday, March 17th that allows the company to buyback $30.00 million in shares. This buyback authorization allows the company to repurchase up to 8.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

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.