Limoneira (NASDAQ:LMNR) Plans $0.08 Quarterly Dividend

Limoneira (NASDAQ:LMNR) announced a quarterly dividend on Tuesday, March 18th, RTT News reports. Stockholders of record on Monday, March 31st will be paid a dividend of 0.075 per share on Friday, April 11th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date is Monday, March 31st.

Limoneira has a payout ratio of 34.9% meaning its dividend is sufficiently covered by earnings.

Limoneira Stock Down 1.8 %

Shares of LMNR opened at $17.56 on Friday. The firm has a 50 day simple moving average of $21.46 and a two-hundred day simple moving average of $24.59. The company has a market cap of $316.87 million, a P/E ratio of 46.21 and a beta of 0.46. Limoneira has a one year low of $17.12 and a one year high of $29.22. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.74 and a quick ratio of 0.69.

Wall Street Analysts Forecast Growth

LMNR has been the subject of several research analyst reports. Lake Street Capital lowered their target price on Limoneira from $25.00 to $23.00 and set a “hold” rating for the company in a research note on Thursday, March 13th. StockNews.com upgraded shares of Limoneira to a “sell” rating in a research report on Friday.

Limoneira announced that its Board of Directors has authorized a stock repurchase program on Monday, March 17th that allows the company to buyback $30.00 million in shares. This buyback authorization allows the company to purchase up to 8.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership 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.