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

Limoneira (NASDAQ:LMNR) announced a quarterly dividend on Wednesday, March 19th, 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 1.65%.

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

Limoneira Stock Performance

Shares of LMNR stock opened at $18.18 on Thursday. 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 company’s fifty day simple moving average is $22.24 and its 200-day simple moving average is $24.94. Limoneira has a 12 month low of $17.80 and a 12 month high of $29.22. The firm has a market cap of $328.06 million, a PE ratio of 47.84 and a beta of 0.46.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on LMNR shares. StockNews.com raised shares of Limoneira from a “sell” rating to a “hold” rating in a research report on Thursday, March 13th. Lake Street Capital dropped their price objective on shares of Limoneira from $25.00 to $23.00 and set a “hold” rating on the stock in a research report on Thursday, March 13th.

Limoneira announced that its board has initiated a stock buyback program on Monday, March 17th that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 8.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its stock is undervalued.

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.