Limoneira (NASDAQ:LMNR – Get Free Report) declared that its Board of Directors has initiated a share buyback plan on Monday, March 17th, RTT News reports. The company plans to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 8.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on LMNR. StockNews.com raised Limoneira from a “sell” rating to a “hold” rating in a research report on Thursday. Lake Street Capital lowered their price target on shares of Limoneira from $25.00 to $23.00 and set a “hold” rating on the stock in a report on Thursday.
Check Out Our Latest Stock Analysis on LMNR
Limoneira Stock Up 1.9 %
Limoneira Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.30 dividend on an annualized basis and a yield of 1.59%. Limoneira’s payout ratio is 73.17%.
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.
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