Limoneira (NASDAQ:LMNR) Announces $0.08 Quarterly Dividend

Limoneira (NASDAQ:LMNR) announced a quarterly dividend on Wednesday, September 25th, Zacks reports. Investors of record on Monday, October 7th will be given a dividend of 0.075 per share on Friday, October 18th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date is Monday, October 7th.

Limoneira has a dividend payout ratio of 130.4% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Limoneira to earn $0.33 per share next year, which means the company should continue to be able to cover its $0.30 annual dividend with an expected future payout ratio of 90.9%.

Limoneira Stock Up 1.2 %

LMNR stock opened at $26.75 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.93 and a debt-to-equity ratio of 0.21. Limoneira has a fifty-two week low of $13.88 and a fifty-two week high of $27.89. The firm’s 50-day simple moving average is $23.39 and its 200 day simple moving average is $21.24. The stock has a market cap of $481.79 million, a PE ratio of -205.77, a price-to-earnings-growth ratio of 6.63 and a beta of 0.48.

Wall Street Analyst Weigh In

Several equities analysts have commented on LMNR shares. B. Riley raised their target price on shares of Limoneira from $24.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Lake Street Capital reissued a “hold” rating and set a $25.00 target price on shares of Limoneira in a research note on Tuesday, September 10th. Finally, StockNews.com raised shares of Limoneira from a “sell” rating to a “hold” rating in a research note on Wednesday, September 11th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Limoneira has an average rating of “Moderate Buy” and an average target price of $25.33.

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.