First Wilshire Securities Management Inc. Sells 165,982 Shares of Limoneira (NASDAQ:LMNR)

First Wilshire Securities Management Inc. lowered its stake in Limoneira (NASDAQ:LMNR - Free Report) by 23.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 527,230 shares of the company's stock after selling 165,982 shares during the quarter. Limoneira makes up approximately 3.5% of First Wilshire Securities Management Inc.'s investment portfolio, making the stock its 12th largest position. First Wilshire Securities Management Inc. owned approximately 2.92% of Limoneira worth $12,896,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp raised its holdings in shares of Limoneira by 3.7% in the 3rd quarter. State Street Corp now owns 311,388 shares of the company's stock valued at $8,252,000 after purchasing an additional 11,003 shares during the period. Bank of New York Mellon Corp lifted its position in shares of 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 buying an additional 3,932 shares during the last quarter. Robertson Stephens Wealth Management LLC boosted its stake in shares of Limoneira by 144.8% during the 4th quarter. Robertson Stephens Wealth Management LLC now owns 101,460 shares of the company's stock worth $2,489,000 after acquiring an additional 60,010 shares during the period. Sowell Financial Services LLC acquired a new position in shares of Limoneira during the 4th quarter worth approximately $958,000. Finally, JPMorgan Chase & Co. raised its stake in Limoneira by 324.3% in the 4th quarter. JPMorgan Chase & Co. now owns 38,556 shares of the company's stock valued at $943,000 after acquiring an additional 29,470 shares during the period. Institutional investors and hedge funds own 64.35% of the company's stock.

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Limoneira Stock Performance

LMNR stock traded up $0.09 during trading hours on Friday, hitting $17.10. 103,151 shares of the stock were exchanged, compared to its average volume of 52,167. The company has a 50-day simple moving average of $21.03 and a two-hundred day simple moving average of $24.39. The firm has a market capitalization of $308.57 million, a P/E ratio of 45.00 and a beta of 0.38. Limoneira has a 12 month low of $16.52 and a 12 month 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.

Limoneira declared that its Board of Directors has approved a stock buyback program on Monday, March 17th that allows the company 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 typically a sign that the company's management believes its shares are undervalued.

Limoneira Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date is Monday, March 31st. Limoneira's dividend payout ratio is currently 73.17%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Lake Street Capital reduced their price objective on shares of Limoneira from $25.00 to $23.00 and set a "hold" rating for the company in a research report on Thursday, March 13th. StockNews.com upgraded shares of Limoneira to a "sell" rating in a research note on Friday, March 28th.

Limoneira 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.