Limoneira (NASDAQ:LMNR) to Repurchase $30.00 million in Outstanding Stock

Limoneira (NASDAQ:LMNR) announced that its board has approved a stock repurchase plan on Monday, March 17th, RTT News reports. The company plans to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 8.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Limoneira Stock Performance

Shares of NASDAQ LMNR traded up $0.35 during midday trading on Monday, reaching $18.86. 250,610 shares of the stock were exchanged, compared to its average volume of 49,116. 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 has a market cap of $340.33 million, a price-to-earnings ratio of 49.63 and a beta of 0.46. The firm has a 50-day simple moving average of $22.48 and a two-hundred day simple moving average of $25.04. Limoneira has a twelve month low of $17.80 and a twelve month high of $29.22.

Limoneira Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.30 annualized dividend and a yield of 1.59%. Limoneira’s dividend payout ratio is presently 73.17%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on LMNR. StockNews.com upgraded shares of Limoneira from a “sell” rating to a “hold” rating in a research report on Thursday. Lake Street Capital decreased their price objective on Limoneira from $25.00 to $23.00 and set a “hold” rating for the company in a report on Thursday.

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.