Assenagon Asset Management S.A. Has $943,000 Stock Position in Seneca Foods Corp. $SENEA

Key Points

• Assenagon Asset Management cut its Seneca Foods stake by 54.6% in the second quarter, selling 6,515 shares and retaining 5,423 shares worth approximately $943,000.
• Other institutional investors increased their positions, including Arrowstreet Capital, Lazard Asset Management, Vanguard and Millennium Management. Hedge funds and other institutions collectively own 42.51% of Seneca Foods.
• Seneca Foods reported quarterly EPS of $2.85, slightly below the $2.92 consensus estimate, while revenue of $405.17 million exceeded expectations. The stock held a “Moderate Buy” consensus rating and recently traded near its 52-week high.

Assenagon Asset Management S.A. lessened its stake in shares of Seneca Foods Corp. (NASDAQ:SENEA - Free Report) by 54.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,423 shares of the company's stock after selling 6,515 shares during the period. Assenagon Asset Management S.A. owned about 0.08% of Seneca Foods worth $943,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership grew its holdings in shares of Seneca Foods by 667.5% during the second quarter. Arrowstreet Capital Limited Partnership now owns 46,501 shares of the company's stock valued at $4,717,000 after buying an additional 40,442 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Seneca Foods by 231.9% during the third quarter. Lazard Asset Management LLC now owns 46,709 shares of the company's stock worth $5,042,000 after purchasing an additional 32,635 shares during the period. Vanguard Group Inc. grew its position in Seneca Foods by 10.0% during the third quarter. Vanguard Group Inc. now owns 351,033 shares of the company's stock valued at $37,891,000 after purchasing an additional 31,873 shares in the last quarter. Millennium Management LLC grew its position in Seneca Foods by 47.5% during the third quarter. Millennium Management LLC now owns 53,608 shares of the company's stock valued at $5,786,000 after purchasing an additional 17,271 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Seneca Foods by 12.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 110,203 shares of the company's stock valued at $12,192,000 after buying an additional 12,409 shares during the period. 42.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SENEA has been the topic of several research analyst reports. Weiss Ratings upgraded shares of Seneca Foods from a "buy (b)" rating to a "buy (b+)" rating in a report on Monday, June 15th. Wall Street Zen downgraded Seneca Foods from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Finally, Freedom Capital lowered Seneca Foods from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 10th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy".

Seneca Foods Stock Down 1.1%

SENEA opened at $191.70 on Friday. The business has a 50 day moving average of $169.61 and a 200-day moving average of $149.85. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of 11.07 and a beta of -0.07. 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 Corp. has a 1-year low of $99.58 and a 1-year high of $196.39.

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

About Seneca Foods

Seneca Foods Corporation is a leading producer and distributor of shelf-stable fruits, vegetables and fruit‐based products. The company's core activities include the processing, packaging and sale of canned fruits and vegetables, natural fruit juices, apple sauces and fruit‐based snacks. Seneca Foods caters to both retail and foodservice markets, supplying national and international grocers, restaurant chains and food manufacturers with branded and private‐label products.

Seneca Foods operates a network of manufacturing facilities and cold storage warehouses across North America, with key processing plants in New York, Michigan, California and Canada.

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