Seneca Foods (NASDAQ:SENEA) Hits New 12-Month High - Here's What Happened

Key Points

• Seneca Foods shares reached a new 52-week high, trading as high as $201.93 and ending at $199.84, up 4.0% from the prior close.
• Analyst sentiment remains positive but mixed, with the stock carrying a “Moderate Buy” consensus after recent upgrades and downgrades.
• Seneca Foods exceeded revenue expectations with quarterly sales of $405.17 million, but earnings per share of $2.85 fell short of the $2.92 consensus estimate; institutional investors own 42.51% of the company.

Seneca Foods Corp. (NASDAQ:SENEA - Get Free Report) shares reached a new 52-week high during mid-day trading on Saturday . The stock traded as high as $201.93 and last traded at $199.84, with a volume of 109568 shares traded. The stock had previously closed at $192.22.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SENEA shares. Freedom Capital downgraded Seneca Foods from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 10th. Weiss Ratings upgraded shares of Seneca Foods from a "buy (b)" rating to a "buy (b+)" rating in a research note on Monday, June 15th. Finally, Wall Street Zen downgraded shares of Seneca Foods from a "strong-buy" rating to a "buy" rating in a research note 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. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy".

Seneca Foods Trading Up 4.0%

The firm's 50-day simple moving average is $176.86 and its 200 day simple moving average is $155.05. The company has a debt-to-equity ratio of 0.26, a current ratio of 3.77 and a quick ratio of 0.88. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of 11.54 and a beta of -0.07.

Seneca Foods (NASDAQ:SENEA - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $2.85 earnings per share 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 business had revenue of $405.17 million during the quarter, compared to analyst estimates of $327.00 million.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Royal Bank of Canada boosted its holdings in shares of Seneca Foods by 22.6% during the 1st quarter. Royal Bank of Canada now owns 429 shares of the company's stock valued at $65,000 after acquiring an additional 79 shares in the last quarter. Ballentine Partners LLC raised its position in Seneca Foods by 3.2% in the fourth quarter. Ballentine Partners LLC now owns 2,862 shares of the company's stock valued at $317,000 after purchasing an additional 89 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Seneca Foods by 11.0% during the fourth quarter. Van ECK Associates Corp now owns 908 shares of the company's stock valued at $100,000 after purchasing an additional 90 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Seneca Foods by 5.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,813 shares of the company's stock worth $250,000 after purchasing an additional 156 shares during the last quarter. Finally, Swiss National Bank boosted its position in Seneca Foods by 2.3% during the 1st quarter. Swiss National Bank now owns 9,000 shares of the company's stock worth $1,360,000 after buying an additional 200 shares during the period. 42.51% of the stock is currently owned by institutional investors and hedge funds.

Seneca Foods Company Profile

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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