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

Limoneira (NASDAQ:LMNR) declared a quarterly dividend on Thursday, December 19th,Wall Street Journal reports. Stockholders of record on Monday, December 30th will be paid a dividend of 0.075 per share on Wednesday, January 15th. This represents a $0.30 dividend on an annualized basis 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. Equities 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 Trading Up 1.2 %

NASDAQ:LMNR traded up $0.30 during mid-day trading on Thursday, hitting $25.66. 46,681 shares of the company’s stock were exchanged, compared to its average volume of 44,848. Limoneira has a fifty-two week low of $17.37 and a fifty-two week high of $29.22. The company has a current ratio of 0.93, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $463.21 million, a P/E ratio of 88.48 and a beta of 0.49. The company has a 50 day simple moving average of $27.05 and a 200-day simple moving average of $24.16.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Lake Street Capital reaffirmed a “hold” rating and set a $25.00 target price on shares of Limoneira in a research report on Tuesday, September 10th. B. Riley upped their price target on shares of Limoneira from $24.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, StockNews.com raised Limoneira from a “sell” rating to a “hold” rating in a research note on Wednesday, September 11th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Limoneira has a consensus 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.