Limoneira Stock Is No Lemon

Very quietly, and with little fanfare, agriculture name and long-time holding Limoneira (LMNR) is now trading at an 11 year high. The epitome of the long-term deep value holding, owning LMNR has at times been about as exciting as watching grass grow or paint dry. But that has changed over the past several months, and at times it seemed to not always be in positive ways.

After the market closed on June 20th, when shares closed the day at $26.70 range, and were up 20% year to date at the time, the company announced a $50 million stock offering, with shares expected to price in the $22-$22.50 range. Talk about a way to suck the life out of a stock; do a secondary and price it 17% below the current price, and in fact, post market trading that day pushed shares down to about $23. It did not take long, however, before we learned the reasons for the capital raise....289 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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