Published on 3 May 2024 on Zacks via Yahoo Finance
Limoneira (LMNR) Soars 6.9%: Is Further Upside Left in the Stock?
Limoneira (LMNR) shares ended the last trading session 6.9% higher at $21.45. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3.6% gain over the past four weeks.
Limoneira’s announcement of the completion of the sell-out of Phase 2 of Harvest at the Limoneira master planned community in Santa Paula, drove the stock higher. As part of this, the company, with its real estate development joint venture with The Lewis Group of Companies, closed the sale of an additional 554 residential homesites to Lennar, one of the primary builders in Phase 1 of Harvest. With this, Lennar has purchased 867 single-family homesites within Harvest, including 313 homesites in Phase 1 and 554 homesites in Phase 2.The project’s Phase 2 is the Foothill Neighborhood, which comprises seven different lot types with home sizes between 1,500 and 3,500 square feet. It will include a minimum of 20 various floor plans with distinguishing architectural elevations and some of the homes will include unique views of the Pacific Ocean. The company plans to provide details on the profitability of this transaction and the expected cash to be received by Limoneira, during its fiscal 2024 announcement in June.This agribusiness company is expected to post quarterly earnings of $0.21 per share in its upcoming report, which represents no change from the year-ago quarter. Revenues are expected to be $54.62 million, up 13.6% from the year-ago quarter.