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 dividend 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 Price Performance

Shares of LMNR opened at $25.66 on Friday. The business has a 50-day simple moving average of $27.03 and a two-hundred day simple moving average of $24.17. Limoneira has a 12-month low of $17.37 and a 12-month high of $29.22. The stock has a market cap of $463.21 million, a PE ratio of 88.48 and a beta of 0.49. The company has a quick ratio of 0.84, a current ratio of 0.93 and a debt-to-equity ratio of 0.21.

Analyst Ratings Changes

Several research firms recently commented on LMNR. Lake Street Capital reiterated a “hold” rating and set a $25.00 target price on shares of Limoneira in a research report on Tuesday, September 10th. B. Riley lifted their price target on shares of Limoneira from $24.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, StockNews.com upgraded Limoneira from a “sell” rating to a “hold” rating in a report on Wednesday, September 11th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $25.33.

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.