Limoneira (NASDAQ:LMNR) Rating Lowered to "Strong Sell" at Zacks Research

Key Points

• Zacks Research downgraded Limoneira from “hold” to “strong sell,” while the broader analyst consensus remains “hold” with an average price target of $16.50.
• Limoneira reported weaker-than-expected quarterly results, posting EPS of $0.02 versus a $0.19 estimate and revenue of $43.81 million versus $49.62 million expected.
• The stock opened at $12.06, near its 12-month low of $11.55, and analysts expect a full-year loss of approximately $0.73 per share; institutional investors own 64.35% of the company.

Limoneira (NASDAQ:LMNR - Get Free Report) was downgraded by equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Monday, Zacks reports.

A number of other research firms have also recently weighed in on LMNR. Lake Street Capital decreased their target price on shares of Limoneira from $18.00 to $16.50 and set a "buy" rating on the stock in a research note on Thursday, September 10th. Wall Street Zen raised Limoneira from a "strong sell" rating to a "sell" rating in a report on Saturday, September 5th. Finally, Weiss Ratings upgraded Limoneira from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday. Two analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $16.50.

Limoneira Stock Performance

Limoneira stock opened at $12.06 on Monday. Limoneira has a 12-month low of $11.55 and a 12-month high of $15.43. The company has a quick ratio of 1.44, a current ratio of 1.51 and a debt-to-equity ratio of 0.67. The business's 50-day moving average price is $13.27 and its two-hundred day moving average price is $13.13. The stock has a market cap of $218.65 million, a PE ratio of -5.05 and a beta of 0.34.

Limoneira (NASDAQ:LMNR - Get Free Report) last announced its quarterly earnings results on Wednesday, September 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.17). The company had revenue of $43.81 million for the quarter, compared to the consensus estimate of $49.62 million. Limoneira had a negative net margin of 33.03% and a negative return on equity of 13.91%. As a group, analysts expect that Limoneira will post -0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Limoneira

A number of hedge funds have recently modified their holdings of the business. Bank of America Corp DE raised its holdings in shares of Limoneira by 5.5% in the 1st quarter. Bank of America Corp DE now owns 16,559 shares of the company's stock worth $222,000 after acquiring an additional 859 shares during the last quarter. Flax Pond Capital LLC boosted its stake in Limoneira by 0.7% during the 1st quarter. Flax Pond Capital LLC now owns 171,132 shares of the company's stock valued at $2,297,000 after purchasing an additional 1,224 shares during the last quarter. Leonteq Securities AG boosted its stake in Limoneira by 88.8% during the 1st quarter. Leonteq Securities AG now owns 3,386 shares of the company's stock valued at $45,000 after purchasing an additional 1,593 shares during the last quarter. Trust Co. of Vermont acquired a new position in Limoneira during the 2nd quarter valued at about $33,000. Finally, Whittier Trust Co. increased its holdings in Limoneira by 16.0% during the 1st quarter. Whittier Trust Co. now owns 18,980 shares of the company's stock worth $249,000 after purchasing an additional 2,612 shares in the last quarter. Institutional investors and hedge funds own 64.35% of the company's stock.

About Limoneira

Limoneira Company NASDAQ: LMNR is an agribusiness headquartered in Santa Paula, California. Founded in 1893, the company is one of the oldest continuously operating citrus businesses in the United States and owns, leases, and manages agricultural land used primarily for citrus and avocado production.

The company's principal products include lemons, avocados, oranges, and other specialty citrus varieties. Limoneira also operates packing and marketing activities, helping prepare and distribute fresh produce for retail, foodservice, wholesale, and industrial customers.

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