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

Limoneira (NASDAQ:LMNR) announced a quarterly dividend on Tuesday, September 24th, 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 1.11%. The ex-dividend date of this dividend is Monday, October 7th.

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. 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 Price Performance

Shares of NASDAQ LMNR opened at $27.00 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 0.93. Limoneira has a fifty-two week low of $13.88 and a fifty-two week high of $27.89. The stock has a market cap of $486.30 million, a PE ratio of -207.69, a price-to-earnings-growth ratio of 6.63 and a beta of 0.48. The stock has a fifty day moving average of $23.91 and a 200-day moving average of $21.56.

Limoneira (NASDAQ:LMNR) last announced its quarterly earnings results on Monday, September 9th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.03. Limoneira had a return on equity of 3.97% and a net margin of 3.24%. The firm had revenue of $63.31 million for the quarter, compared to analysts’ expectations of $63.85 million. Equities research analysts anticipate that Limoneira will post 0.28 earnings per share for the current year.

Analyst Ratings Changes

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