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

Limoneira (NASDAQ:LMNR) declared a quarterly dividend on Thursday, December 19th,Wall Street Journal reports. Stockholders of record on Monday, December 30th will be given a dividend of 0.075 per share on Wednesday, January 15th. This represents a $0.30 annualized dividend and a dividend yield of 1.17%. The ex-dividend date is Monday, December 30th.

Limoneira has a 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. Research analysts expect Limoneira to earn $0.22 per share next year, which means the company may not be able to cover its $0.30 annual dividend with an expected future payout ratio of 136.4%.

Limoneira Stock Up 1.2 %

Shares of Limoneira stock opened at $25.66 on Friday. The stock’s 50-day moving average is $27.03 and its 200 day moving average is $24.17. Limoneira has a one year low of $17.37 and a one year high of $29.22. The firm has a market cap of $463.21 million, a price-to-earnings ratio of 88.48 and a beta of 0.49. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.93 and a quick ratio of 0.84.

Analysts Set New Price Targets

LMNR has been the subject of several recent analyst reports. Lake Street Capital reaffirmed a “hold” rating and set a $25.00 price objective on shares of Limoneira in a research report on Tuesday, September 10th. StockNews.com upgraded shares of Limoneira from a “sell” rating to a “hold” rating in a report on Wednesday, September 11th. Finally, B. Riley upped their price objective on shares of Limoneira from $24.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $25.33.

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.