Limoneira (NASDAQ:LMNR) Board of Directors Initiates Share Repurchase Program

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

Analysts Set New Price Targets

LMNR has been the subject of a number of analyst reports. Lake Street Capital reduced their price target on Limoneira from $25.00 to $23.00 and set a “hold” rating for the company in a report on Thursday, March 13th. StockNews.com upgraded Limoneira from a “sell” rating to a “hold” rating in a research note on Thursday, March 13th.

Limoneira Price Performance

LMNR opened at $18.86 on Tuesday. The company has a market capitalization of $340.33 million, a P/E ratio of 49.63 and a beta of 0.46. The company has a 50-day moving average of $22.48 and a 200-day moving average of $25.04. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.69 and a current ratio of 0.74. Limoneira has a 1-year low of $17.80 and a 1-year high of $29.22.

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.