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

Limoneira (NASDAQ:LMNR) announced a quarterly dividend on Tuesday, September 24th, Zacks reports. Stockholders 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 1.11%. The ex-dividend date of this dividend is Monday, October 7th.

Limoneira has a dividend payout ratio of 130.4% meaning 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 Trading Up 3.3 %

LMNR opened at $27.00 on Friday. The stock has a market capitalization of $486.30 million, a PE ratio of -207.69, a P/E/G ratio of 6.63 and a beta of 0.48. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.93 and a quick ratio of 0.84. Limoneira has a 12-month low of $13.88 and a 12-month high of $27.89. The firm’s fifty day moving average price is $23.91 and its 200 day moving average price is $21.57.

Limoneira (NASDAQ:LMNR) last issued its earnings results on Monday, September 9th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.03. The business had revenue of $63.31 million for the quarter, compared to analyst estimates of $63.85 million. Limoneira had a net margin of 3.24% and a return on equity of 3.97%. As a group, research analysts expect that Limoneira will post 0.28 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on LMNR. Lake Street Capital reaffirmed a “hold” rating and set a $25.00 target price on shares of Limoneira in a report on Tuesday, September 10th. B. Riley raised their price objective on Limoneira from $24.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Finally, StockNews.com raised shares of Limoneira from a “sell” rating to a “hold” rating in a report on Wednesday, September 11th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Limoneira presently has a consensus rating of “Moderate Buy” and a consensus 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.