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

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Limoneira (NASDAQ:LMNR) declared a quarterly dividend on Tuesday, March 24th, Zacks reports. Stockholders of record on Monday, April 6th will be paid a dividend of 0.075 per share on Friday, April 17th. This represents a $0.30 annualized dividend and a dividend yield of 2.14%. The ex-dividend date is Friday, April 3rd.

Limoneira has increased its dividend by an average of 9.7% per year over the last three years and has raised its dividend every year for the last 6 years. Limoneira has a payout ratio of 230.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Limoneira to earn $0.75 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 40.0%.

Shares of LMNR traded up $0.21 during mid-day trading on Thursday, hitting $14.00. 53,179 shares of the company’s stock were exchanged, compared to its average volume of 80,420. The company has a market cap of $246.26 million, a PE ratio of -30.43, a P/E/G ratio of 4.18 and a beta of 1.08. Limoneira has a 52 week low of $10.60 and a 52 week high of $24.77. The company has a 50-day simple moving average of $17.49 and a 200 day simple moving average of $18.84. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.41 and a quick ratio of 1.30.

Limoneira (NASDAQ:LMNR) last issued its quarterly earnings results on Wednesday, March 11th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.11). The business had revenue of $41.66 million for the quarter, compared to the consensus estimate of $42.30 million. Limoneira had a negative return on equity of 4.97% and a negative net margin of 4.49%. On average, analysts anticipate that Limoneira will post 0.22 earnings per share for the current year.

Several equities analysts recently weighed in on LMNR shares. Stephens decreased their target price on shares of Limoneira from $20.00 to $16.00 and set an “equal weight” rating for the company in a research note on Thursday, March 12th. National Securities cut shares of Limoneira from a “buy” rating to a “neutral” rating in a research note on Thursday, March 12th. Roth Capital decreased their target price on shares of Limoneira from to in a research note on Thursday, March 12th. ValuEngine cut shares of Limoneira from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 4th. Finally, Lake Street Capital decreased their target price on shares of Limoneira from $23.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, March 12th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $20.60.

Limoneira Company Profile

Limoneira Company operates as an agribusiness and real estate development company in the United States and internationally. The company operates in six segments: Fresh Lemons, Lemon Packing, Avocados, Other Agribusiness, Rental Operations, and Real Estate Development. It grows, processes, packs, markets, and sells lemons.

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Dividend History for Limoneira (NASDAQ:LMNR)

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