Old West Investment Management LLC Trims Holdings in Limoneira (NASDAQ:LMNR)

Old West Investment Management LLC lessened its stake in Limoneira (NASDAQ:LMNR) by 7.8% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 433,687 shares of the company’s stock after selling 36,603 shares during the quarter. Limoneira makes up about 4.3% of Old West Investment Management LLC’s investment portfolio, making the stock its 6th largest position. Old West Investment Management LLC owned about 2.40% of Limoneira worth $10,608,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the stock. Wells Fargo & Company MN boosted its holdings in shares of Limoneira by 12.1% during the 4th quarter. Wells Fargo & Company MN now owns 19,615 shares of the company’s stock valued at $480,000 after purchasing an additional 2,116 shares during the last quarter. Riverwater Partners LLC boosted its stake in Limoneira by 27.8% during the fourth quarter. Riverwater Partners LLC now owns 256,159 shares of the company’s stock valued at $6,266,000 after buying an additional 55,736 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Limoneira by 324.3% during the 4th quarter. JPMorgan Chase & Co. now owns 38,556 shares of the company’s stock valued at $943,000 after buying an additional 29,470 shares in the last quarter. American Century Companies Inc. increased its stake in Limoneira by 17.7% in the 4th quarter. American Century Companies Inc. now owns 32,160 shares of the company’s stock worth $787,000 after acquiring an additional 4,826 shares during the last quarter. Finally, Sowell Financial Services LLC purchased a new stake in shares of Limoneira during the 4th quarter worth approximately $958,000. 64.35% of the stock is owned by hedge funds and other institutional investors.

Limoneira Price Performance

Shares of Limoneira stock opened at $17.10 on Friday. The stock has a market cap of $308.57 million, a price-to-earnings ratio of 45.00 and a beta of 0.38. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.69 and a current ratio of 0.74. The stock has a 50 day moving average price of $20.92 and a 200-day moving average price of $24.33. Limoneira has a one year low of $16.76 and a one year high of $29.22.

Limoneira declared that its Board of Directors has approved a stock repurchase plan on Monday, March 17th that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 8.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Limoneira Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.75%. The ex-dividend date of this dividend is Monday, March 31st. Limoneira’s dividend payout ratio is currently 73.17%.

Wall Street Analyst Weigh In

LMNR has been the subject of a number of recent research reports. StockNews.com raised shares of Limoneira to a “sell” rating in a report on Friday, March 28th. Lake Street Capital dropped their price objective on shares of 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.