Northern Trust Corp Purchases 9,486 Shares of Limoneira (NASDAQ:LMNR)

Northern Trust Corp boosted its position in Limoneira (NASDAQ:LMNR) by 6.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 155,495 shares of the company’s stock after acquiring an additional 9,486 shares during the quarter. Northern Trust Corp owned 0.86% of Limoneira worth $3,803,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its stake in Limoneira by 2.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 521,638 shares of the company’s stock valued at $12,759,000 after acquiring an additional 11,304 shares during the last quarter. Riverwater Partners LLC increased its stake in Limoneira by 27.8% in the fourth quarter. Riverwater Partners LLC now owns 256,159 shares of the company’s stock valued at $6,266,000 after acquiring an additional 55,736 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Limoneira by 3.4% in the fourth quarter. Bank of New York Mellon Corp now owns 120,532 shares of the company’s stock valued at $2,948,000 after acquiring an additional 3,932 shares during the last quarter. Robertson Stephens Wealth Management LLC increased its stake in Limoneira by 144.8% in the fourth quarter. Robertson Stephens Wealth Management LLC now owns 101,460 shares of the company’s stock valued at $2,489,000 after acquiring an additional 60,010 shares during the last quarter. Finally, Quinn Opportunity Partners LLC increased its stake in Limoneira by 7.2% in the fourth quarter. Quinn Opportunity Partners LLC now owns 66,028 shares of the company’s stock valued at $1,615,000 after acquiring an additional 4,407 shares during the last quarter. 64.35% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on LMNR shares. Lake Street Capital decreased their price objective on shares of Limoneira from $25.00 to $23.00 and set a “hold” rating on the stock in a research note on Thursday, March 13th. Wall Street Zen raised shares of Limoneira to a “sell” rating in a research note on Wednesday, April 9th.

Limoneira Stock Performance

NASDAQ LMNR opened at $15.45 on Friday. The firm’s fifty day moving average price is $16.36 and its two-hundred day moving average price is $21.63. The stock has a market cap of $278.80 million, a PE ratio of 40.66 and a beta of 0.43. Limoneira has a fifty-two week low of $14.80 and a fifty-two week high of $29.22. 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Monday, March 31st were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.94%. Limoneira’s payout ratio is presently 73.17%.

Limoneira announced that its board has authorized a share repurchase program on Monday, March 17th that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 8.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

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.