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Limoneira (LMNR) Soars 6.9%: Is Further Upside Left in the Stock?
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Limoneira (LMNR - Free Report) 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.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Limoneira, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on LMNR going forward to see if this recent jump can turn into more strength down the road.
Limoneira belongs to the Zacks Agriculture - Operations industry. Another stock from the same industry, Alico (ALCO - Free Report) , closed the last trading session 1.4% higher at $28.70. Over the past month, ALCO has returned -2.5%.
Alico's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.14. Compared to the company's year-ago EPS, this represents a change of +91.4%. Alico currently boasts a Zacks Rank of #3 (Hold).
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Limoneira (LMNR) Soars 6.9%: Is Further Upside Left in the Stock?
Limoneira (LMNR - Free Report) 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.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Limoneira, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on LMNR going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Limoneira belongs to the Zacks Agriculture - Operations industry. Another stock from the same industry, Alico (ALCO - Free Report) , closed the last trading session 1.4% higher at $28.70. Over the past month, ALCO has returned -2.5%.
Alico's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.14. Compared to the company's year-ago EPS, this represents a change of +91.4%. Alico currently boasts a Zacks Rank of #3 (Hold).