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

Limoneira (NASDAQ:LMNR) announced a quarterly dividend on Wednesday, September 25th, Zacks reports. Shareholders of record on Monday, October 7th will be given a dividend of 0.075 per share on Friday, October 18th. This represents a $0.30 annualized dividend and a dividend yield of 1.12%. The ex-dividend date is Monday, October 7th.

Limoneira has a payout ratio of 130.4% indicating that 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 $0.33 per share next year, which means the company should continue to be able to cover its $0.30 annual dividend with an expected future payout ratio of 90.9%.

Limoneira Stock Up 1.2 %

NASDAQ:LMNR opened at $26.75 on Friday. The stock has a 50-day simple moving average of $23.39 and a 200 day simple moving average of $21.24. Limoneira has a 52-week low of $13.88 and a 52-week high of $27.89. The company has a market cap of $481.79 million, a PE ratio of -205.77, a PEG ratio of 6.63 and a beta of 0.48. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 0.93.

Analyst Ratings Changes

LMNR has been the topic of a number of recent research reports. StockNews.com upgraded shares of Limoneira from a “sell” rating to a “hold” rating in a report on Wednesday, September 11th. B. Riley raised their target price 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, Lake Street Capital reiterated a “hold” rating and issued a $25.00 price target on shares of Limoneira in a research note on Tuesday, September 10th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.