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

Limoneira (NASDAQ:LMNR) declared a quarterly dividend on Wednesday, March 19th, RTT News reports. Stockholders of record on Monday, March 31st will be given a dividend of 0.075 per share on Friday, April 11th. This represents a $0.30 annualized dividend and a dividend yield of 1.65%.

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

Limoneira Price Performance

Limoneira stock opened at $18.15 on Wednesday. The company has a current ratio of 0.74, a quick ratio of 0.69 and a debt-to-equity ratio of 0.21. The stock has a market cap of $327.52 million, a P/E ratio of 47.76 and a beta of 0.46. The company has a 50-day moving average price of $22.36 and a 200 day moving average price of $24.99. Limoneira has a 12-month low of $17.80 and a 12-month high of $29.22.

Limoneira declared that its board has authorized a stock repurchase plan on Monday, March 17th that permits the company to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 8.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on LMNR shares. Lake Street Capital decreased their target price on shares of Limoneira from $25.00 to $23.00 and set a “hold” rating on the stock in a report on Thursday, March 13th. StockNews.com upgraded shares of Limoneira from a “sell” rating to a “hold” rating in a report on Thursday, March 13th.

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.