Limoneira Co (LMNR) Downgraded by Zacks Investment Research

Limoneira Co (NASDAQ:LMNR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

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. “

Separately, Roth Capital reissued a “buy” rating and issued a $26.50 price target on shares of Limoneira in a report on Wednesday, June 7th.

Limoneira (NASDAQ LMNR) opened at 21.58 on Friday. The stock has a market cap of $310.86 million, a price-to-earnings ratio of 26.71 and a beta of 0.95. The firm has a 50-day moving average price of $19.73 and a 200-day moving average price of $19.23. Limoneira has a 12 month low of $15.87 and a 12 month high of $22.69.

Limoneira (NASDAQ:LMNR) last issued its quarterly earnings results on Thursday, June 8th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.06. The business had revenue of $36.89 million during the quarter, compared to the consensus estimate of $33.31 million. Limoneira had a return on equity of 9.09% and a net margin of 9.82%. The company’s quarterly revenue was up 34.8% on a year-over-year basis. During the same quarter last year, the company earned $0.08 earnings per share. Equities research analysts expect that Limoneira will post $0.55 earnings per share for the current fiscal year.

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In other news, Director Ronald L. Michaelis sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $20.26, for a total value of $30,390.00. Following the completion of the transaction, the director now directly owns 9,686 shares in the company, valued at $196,238.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last three months, insiders sold 4,500 shares of company stock valued at $90,945. Corporate insiders own 5.70% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC boosted its position in shares of Limoneira by 362.4% in the fourth quarter. Renaissance Technologies LLC now owns 136,400 shares of the company’s stock valued at $2,934,000 after buying an additional 106,900 shares during the last quarter. First Wilshire Securities Management Inc. boosted its position in shares of Limoneira by 49.3% in the first quarter. First Wilshire Securities Management Inc. now owns 142,577 shares of the company’s stock valued at $2,981,000 after buying an additional 47,096 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Limoneira by 59.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 113,628 shares of the company’s stock valued at $2,444,000 after buying an additional 42,500 shares during the last quarter. Two Sigma Investments LP purchased a new position in shares of Limoneira during the fourth quarter valued at about $798,000. Finally, Teton Advisors Inc. boosted its position in shares of Limoneira by 21.8% in the first quarter. Teton Advisors Inc. now owns 136,590 shares of the company’s stock valued at $2,856,000 after buying an additional 24,470 shares during the last quarter. Hedge funds and other institutional investors own 25.64% of the company’s stock.

About Limoneira

Limoneira Company is engaged in agribusiness and real estate development. The Company’s operations consist of fruit production, sales and marketing, rental operations, real estate development and capital investment activities. The Company’s segments include lemon operations, other agribusiness, rental operations and real estate development.

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