Limoneira (NASDAQ:LMNR) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of Limoneira (NASDAQ:LMNR) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “Limoneira Company is an agribusiness and real estate development company. Its current operations consist of fruit production and marketing, real estate development and capital investment activities. Limoneira has three business segments: agribusiness, rental operations, and real estate development. The agribusiness segment includes its farming and lemon packing operations. The Company produces lemons, avocados, oranges, and other specialty crops. The rental operations segment includes housing, organic recycling, commercial and leased land operations. The real estate development segment includes its real estate projects and development. Limoneira Company is based in Santa Paula, California. “

Several other research firms have also recently commented on LMNR. BidaskClub raised Limoneira from a strong sell rating to a sell rating in a research note on Wednesday, July 31st. ValuEngine raised Limoneira from a hold rating to a buy rating in a research note on Wednesday, May 15th. Stephens cut Limoneira from an overweight rating to an equal weight rating and decreased their target price for the stock from $25.00 to $18.00 in a research note on Tuesday, May 14th. National Securities started coverage on Limoneira in a research note on Monday, July 22nd. They set a buy rating and a $30.00 target price for the company. Finally, Lake Street Capital reaffirmed a buy rating and set a $25.00 target price (down previously from $28.00) on shares of Limoneira in a research note on Thursday, June 13th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $26.60.

NASDAQ LMNR opened at $18.43 on Tuesday. The business’s 50 day simple moving average is $19.31. Limoneira has a one year low of $18.07 and a one year high of $33.42. The firm has a market capitalization of $327.50 million, a PE ratio of 36.86, a P/E/G ratio of 4.54 and a beta of 1.08. The company has a quick ratio of 0.96, a current ratio of 1.04 and a debt-to-equity ratio of 0.43.

Limoneira (NASDAQ:LMNR) last released its earnings results on Monday, June 10th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.02. Limoneira had a negative return on equity of 0.26% and a net margin of 2.22%. The business had revenue of $42.04 million during the quarter, compared to analysts’ expectations of $43.54 million. As a group, sell-side analysts predict that Limoneira will post 0.28 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 18th. Shareholders of record on Monday, July 8th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date was Friday, July 5th. This is a boost from Limoneira’s previous quarterly dividend of $0.05. Limoneira’s dividend payout ratio (DPR) is 60.00%.

Institutional investors have recently made changes to their positions in the business. Mesirow Financial Investment Management Inc. acquired a new stake in Limoneira in the first quarter valued at approximately $430,000. Dimensional Fund Advisors LP grew its stake in Limoneira by 11.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 536,126 shares of the company’s stock valued at $10,481,000 after acquiring an additional 54,730 shares during the period. Bank of New York Mellon Corp grew its stake in Limoneira by 18.3% in the fourth quarter. Bank of New York Mellon Corp now owns 95,843 shares of the company’s stock valued at $1,874,000 after acquiring an additional 14,793 shares during the period. Metropolitan Life Insurance Co. NY boosted its position in shares of Limoneira by 369.1% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 4,424 shares of the company’s stock valued at $86,000 after buying an additional 3,481 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. purchased a new position in shares of Limoneira during the fourth quarter valued at approximately $255,000. 54.43% of the stock is owned by hedge funds and other institutional investors.

About Limoneira

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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