Limoneira (NASDAQ:LMNR) Board Approves Stock Repurchase Plan

Limoneira (NASDAQ:LMNR) announced that its Board of Directors has approved a share repurchase program on Monday, March 17th, RTT News reports. The company plans to buyback $30.00 million in shares. This buyback authorization authorizes the company to repurchase up to 8.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Limoneira Stock Down 3.8 %

NASDAQ:LMNR opened at $18.15 on Wednesday. Limoneira has a 1 year low of $17.80 and a 1 year high of $29.22. The company has a current ratio of 0.74, a quick ratio of 0.69 and a debt-to-equity ratio of 0.21. The stock has a market cap of $327.52 million, a price-to-earnings ratio of 47.76 and a beta of 0.46. The stock has a 50-day moving average price of $22.36 and a two-hundred day moving average price of $24.99.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. StockNews.com raised Limoneira from a “sell” rating to a “hold” rating in a research note on Thursday, March 13th. Lake Street Capital decreased their target price on Limoneira from $25.00 to $23.00 and set a “hold” rating for the company in a research note on Thursday, March 13th.

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.