Seneca Foods (NASDAQ:SENEA) Announces Earnings Results, Beats Estimates By $1.25 EPS

Key Points

• Seneca Foods reported EPS of $5.07, beating analyst estimates of $3.82 by $1.25.
• Quarterly revenue was $492.59 million, below the $506 million consensus estimate.
• Shares fell $7.08 to $146.70 in Wednesday midday trading; analysts’ overall rating remains “Moderate Buy.”

Seneca Foods (NASDAQ:SENEA - Get Free Report) posted its quarterly earnings data on Wednesday. The company reported $5.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.82 by $1.25, FiscalAI reports. Seneca Foods had a return on equity of 14.96% and a net margin of 6.75%. The company had revenue of $492.59 million for the quarter, compared to analysts' expectations of $506.00 million.

Seneca Foods Price Performance

SENEA stock traded down $7.08 during mid-day trading on Wednesday, reaching $146.70. The company's stock had a trading volume of 85,706 shares, compared to its average volume of 103,621. The stock has a market cap of $993.16 million, a PE ratio of 8.47 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. Seneca Foods has a fifty-two week low of $99.58 and a fifty-two week high of $210.00. The company's 50 day moving average is $179.18 and its two-hundred day moving average is $157.38.

Insiders Place Their Bets

In other news, VP Dean Erstad sold 1,587 shares of the business's stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $206.16, for a total transaction of $327,175.92. Following the transaction, the vice president directly owned 609 shares in the company, valued at $125,551.44. The trade was a 72.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.24% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on SENEA. Freedom Capital downgraded Seneca Foods from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 10th. Wall Street Zen upgraded Seneca Foods from a "buy" rating to a "strong-buy" rating in a research report on Saturday, October 24th. Finally, Weiss Ratings downgraded Seneca Foods from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Friday, October 23rd. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy".

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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