Limoneira (NASDAQ:LMNR) to Issue $0.08 Quarterly Dividend

Limoneira (NASDAQ:LMNR) declared a quarterly dividend on Thursday, December 19th,Wall Street Journal reports. Shareholders of record on Monday, December 30th will be given a dividend of 0.075 per share on Wednesday, January 15th. This represents a $0.30 annualized dividend and a dividend yield of 1.17%. The ex-dividend date of this dividend 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. 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 Stock Performance

Shares of LMNR stock traded up $0.30 during midday trading on Thursday, hitting $25.66. 46,681 shares of the company were exchanged, compared to its average volume of 44,848. Limoneira has a 52 week low of $17.37 and a 52 week high of $29.22. The firm has a market capitalization of $463.21 million, a P/E ratio of 88.48 and a beta of 0.49. The firm’s 50 day moving average price is $27.05 and its two-hundred day moving average price is $24.16. 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 Upgrades and Downgrades

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