Seneca Foods (NASDAQ:SENEA) Stock Rating Raised to Strong-Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Seneca Foods to “strong buy” from “buy,” while other analysts remain mixed; the stock carries an overall “buy” consensus rating.
• Seneca Foods shares opened at $158.56, down 3.5%, with a $1.07 billion market capitalization. Its latest quarterly earnings of $2.85 per share missed estimates, although revenue of $405.17 million exceeded expectations.
• Vice President Dean Erstad sold 1,587 shares for approximately $327,176, while institutional investors own 42.51% of the company; Seneca Foods processes and markets packaged fruits, vegetables and related food products.

Seneca Foods (NASDAQ:SENEA - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Several other brokerages have also commented on SENEA. Freedom Capital lowered Seneca Foods from a "strong-buy" rating to a "hold" rating in a report on Monday, August 10th. Weiss Ratings upgraded Seneca Foods from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy".

Seneca Foods Trading Down 3.5%

NASDAQ:SENEA opened at $158.56 on Friday. The company has a market cap of $1.07 billion, a PE ratio of 9.16 and a beta of -0.03. The company has a current ratio of 3.77, a quick ratio of 0.88 and a debt-to-equity ratio of 0.26. The company has a 50 day simple moving average of $184.08 and a two-hundred day simple moving average of $166.89. Seneca Foods has a 12 month low of $99.58 and a 12 month high of $210.00.

Seneca Foods (NASDAQ:SENEA - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $2.85 earnings per share for the quarter, missing the consensus estimate of $2.92 by ($0.07). The firm had revenue of $405.17 million for the quarter, compared to the consensus estimate of $327.00 million. Seneca Foods had a net margin of 6.75% and a return on equity of 14.96%.

Insider Buying and Selling

In other Seneca Foods news, VP Dean Erstad sold 1,587 shares of the company's stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $206.16, for a total transaction of $327,175.92. Following the completion of the sale, the vice president directly owned 609 shares of the company's stock, valued at approximately $125,551.44. This represents a 72.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 8.24% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Integrated Wealth Concepts LLC purchased a new stake in shares of Seneca Foods in the 2nd quarter worth $26,000. USA Financial Formulas bought a new position in Seneca Foods in the 3rd quarter worth $40,000. Public Employees Retirement System of Ohio bought a new position in Seneca Foods in the 1st quarter worth $54,000. Signaturefd LLC lifted its position in Seneca Foods by 88.6% during the third quarter. Signaturefd LLC now owns 349 shares of the company's stock valued at $62,000 after purchasing an additional 164 shares in the last quarter. Finally, Royal Bank of Canada lifted its position in Seneca Foods by 22.6% during the first quarter. Royal Bank of Canada now owns 429 shares of the company's stock valued at $65,000 after purchasing an additional 79 shares in the last quarter. Hedge funds and other institutional investors own 42.51% of the company's stock.

About Seneca Foods

Seneca Foods Corporation is a U.S.-based food processor and producer of packaged fruits and vegetables. The company supplies retail, food service, industrial and government customers with canned, frozen and prepared foods, including vegetables, fruits, applesauce, snack products and ingredients.

Seneca markets products under brands including Seneca, Libby's, Green Giant, Aunt Nellie's, READ and CherryMan, while also producing private-label goods for retailers and other food companies. Its product portfolio includes canned and frozen vegetables, fruit products, shelf-stable meals and ingredients used by commercial food manufacturers.

Founded in 1949 and headquartered in Marion, New York, Seneca operates processing and distribution facilities primarily in the United States and sources agricultural products from North American growing regions.

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