Limoneira's recent growth spurt, which was somewhat unexpected to me, has increased total owned acreage to nearly 8,300, and total owned or managed acres to more than 10,000. If you want exposure to lemons, this is the company.

Limoneira also has an interesting relationship with avocado company Calavo Growers ( CVGW), owning about 3.4% of that company's outstanding shares. In turn, Calavo owns about 15% of Limoneira's outstanding shares.

CVGW Chart CVGW data by YCharts

Limoneira does certainly not appear to be cheap at 56 times trailing earnings and 57 times the 2014 consensus earnings estimate, but this is not your typical company. It is an asset play, but one that may begin to show better earnings if recent acquisitions bear fruit (pun intended).

At the time of publication the author was long LMNR.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

Jonathan Heller, CFA, is president of KEJ Financial Advisors, his fee-only financial planning company. Jon spent 17 years at Bloomberg Financial Markets in various roles, from 1989 until 2005. He ran Bloomberg's Equity Fundamental Research Department from 1994 until 1998, when he assumed responsibility for Bloomberg's Equity Data Research Department. In 2001, he joined Bloomberg's Publishing group as senior markets editor and writer for Bloomberg Personal Finance Magazine, and an associate editor and contributor for Bloomberg Markets Magazine. In 2005, he joined SEI Investments as director of investment communications within SEI's Investment Management Unit.

Jon is also the founder of the Cheap Stocks Web site, a site dedicated to deep-value investing. He has an undergraduate degree from Grove City College and an MBA from Rider University, where he has also served on the adjunct faculty; he is also a CFA charter holder.

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