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

Limoneira Co (NASDAQ:LMNR) declared a quarterly dividend on Wednesday, June 25th, RTT News reports. Shareholders of record on Monday, July 7th will be paid a dividend of 0.075 per share on Friday, July 18th. This represents a $0.30 annualized dividend and a yield of 2.00%.

Limoneira has a dividend payout ratio of 36.6% indicating that its dividend is sufficiently covered by earnings.

Limoneira Price Performance

Shares of NASDAQ:LMNR opened at $15.03 on Thursday. Limoneira has a one year low of $14.64 and a one year high of $29.22. The stock has a market capitalization of $271.59 million, a price-to-earnings ratio of -107.35 and a beta of 0.45. The company has a 50-day simple moving average of $15.59 and a 200-day simple moving average of $19.67. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.94 and a current ratio of 1.05.

Limoneira (NASDAQ:LMNR) last posted its quarterly earnings data on Monday, June 9th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.16). The company had revenue of $35.12 million for the quarter, compared to analysts’ expectations of $38.70 million. Limoneira had a negative net margin of 0.96% and a negative return on equity of 0.90%. During the same period in the prior year, the company earned $0.44 earnings per share.

Institutional Investors Weigh In On Limoneira

A hedge fund recently bought a new stake in Limoneira stock. Jacobs Levy Equity Management Inc. bought a new position in shares of Limoneira Co (NASDAQ:LMNR) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 14,436 shares of the company’s stock, valued at approximately $256,000. Jacobs Levy Equity Management Inc. owned approximately 0.08% of Limoneira as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors own 64.35% of the company’s stock.

Limoneira announced that its Board of Directors has approved a share buyback plan on Monday, March 17th that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the company to reacquire up to 8.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on LMNR shares. Lake Street Capital upgraded Limoneira from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a research report on Tuesday, June 10th. Wall Street Zen upgraded shares of Limoneira to a “sell” rating in a research report on Wednesday, April 9th.

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.