Corient Private Wealth LP Has $2.45 Million Stake in Seneca Foods Corp. $SENEA

Key Points

• Corient Private Wealth LP increased its Seneca Foods stake by 187.7% in the second quarter, owning 14,085 shares valued at approximately $2.45 million. Institutional investors collectively hold 42.51% of the company.
• Seneca Foods shares opened at $183.81, with a market capitalization of $1.24 billion and a 52-week range of $99.58 to $210.00. The stock has a “Moderate Buy” consensus rating, although some analysts recently downgraded their recommendations.
• The company reported quarterly earnings of $2.85 per share, slightly below the $2.92 consensus estimate, while revenue of $405.17 million exceeded expectations of $327 million. Vice President Dean Erstad separately sold 1,587 shares for about $327,176.

Corient Private Wealth LP raised its stake in Seneca Foods Corp. (NASDAQ:SENEA - Free Report) by 187.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,085 shares of the company's stock after purchasing an additional 9,190 shares during the quarter. Corient Private Wealth LP owned 0.21% of Seneca Foods worth $2,450,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new stake in Seneca Foods in the 1st quarter valued at $54,000. Royal Bank of Canada raised its holdings in shares of Seneca Foods by 22.6% in 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 during the last quarter. Entropy Technologies LP purchased a new stake in shares of Seneca Foods in the first quarter valued at about $212,000. DGS Capital Management LLC bought a new position in shares of Seneca Foods during the first quarter valued at about $212,000. Finally, Inceptionr LLC bought a new position in shares of Seneca Foods during the first quarter valued at about $220,000. Institutional investors own 42.51% of the company's stock.

Insider Buying and Selling

In other news, VP Dean Erstad sold 1,587 shares of Seneca Foods stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $206.16, for a total value of $327,175.92. Following the completion of the transaction, the vice president owned 609 shares in the company, valued at $125,551.44. This trade represents a 72.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 8.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

SENEA has been the topic of several analyst reports. Freedom Capital cut shares of Seneca Foods from a "strong-buy" rating to a "hold" rating in a report on Monday, August 10th. Weiss Ratings reiterated a "buy (b+)" rating on shares of Seneca Foods in a research note on Friday, September 11th. Finally, Wall Street Zen cut shares of Seneca Foods from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 15th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy".

Seneca Foods Price Performance

Shares of NASDAQ SENEA opened at $183.81 on Wednesday. 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 stock has a fifty day simple moving average of $182.88 and a two-hundred day simple moving average of $162.51. Seneca Foods Corp. has a 1-year low of $99.58 and a 1-year high of $210.00. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of 10.62 and a beta of -0.03.

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

About Seneca Foods

Seneca Foods Corporation is a U.S.-based food processor and packaged-food company that produces and distributes fruits, vegetables and related food products. The company supplies retail, foodservice and industrial customers, with products sold under its own brands as well as private-label programs for retailers and other food companies.

Its product portfolio includes canned and frozen vegetables, canned fruits, fruit and vegetable snacks, prepared foods, sauces and other packaged food items.

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