Limoneira (NASDAQ:LMNR) is Old West Investment Management LLC’s 6th Largest Position

Old West Investment Management LLC cut its position in shares of Limoneira (NASDAQ:LMNR) by 7.8% in the fourth quarter, HoldingsChannel reports. The firm owned 433,687 shares of the company’s stock after selling 36,603 shares during the period. Limoneira comprises about 4.3% of Old West Investment Management LLC’s investment portfolio, making the stock its 6th largest holding. Old West Investment Management LLC’s holdings in Limoneira were worth $10,608,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Wells Fargo & Company MN lifted its stake in Limoneira by 12.1% in the fourth quarter. Wells Fargo & Company MN now owns 19,615 shares of the company’s stock worth $480,000 after acquiring an additional 2,116 shares during the period. Riverwater Partners LLC lifted its position in shares of Limoneira by 27.8% in the 4th quarter. Riverwater Partners LLC now owns 256,159 shares of the company’s stock worth $6,266,000 after purchasing an additional 55,736 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Limoneira by 324.3% in the 4th quarter. JPMorgan Chase & Co. now owns 38,556 shares of the company’s stock worth $943,000 after purchasing an additional 29,470 shares during the period. American Century Companies Inc. boosted its stake in shares of Limoneira by 17.7% during the fourth quarter. American Century Companies Inc. now owns 32,160 shares of the company’s stock valued at $787,000 after purchasing an additional 4,826 shares in the last quarter. Finally, Sowell Financial Services LLC purchased a new position in Limoneira during the fourth quarter valued at approximately $958,000. Institutional investors own 64.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on LMNR shares. Lake Street Capital dropped 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. StockNews.com upgraded Limoneira to a “sell” rating in a research note on Friday, March 28th.

Limoneira Price Performance

NASDAQ LMNR opened at $17.10 on Friday. The firm’s fifty day simple moving average is $20.92 and its two-hundred day simple moving average is $24.33. The firm has a market capitalization of $308.57 million, a P/E ratio of 45.00 and a beta of 0.38. The company has a current ratio of 0.74, a quick ratio of 0.69 and a debt-to-equity ratio of 0.21. Limoneira has a 12-month low of $16.76 and a 12-month high of $29.22.

Limoneira Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Monday, March 31st will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend is Monday, March 31st. Limoneira’s dividend payout ratio is currently 73.17%.

Limoneira announced that its Board of Directors has authorized a share buyback program on Monday, March 17th that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 8.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

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.