Seneca Foods (NASDAQ:SENEA) Share Price Crosses Above Two Hundred Day Moving Average - What's Next?

Key Points

• Seneca Foods shares crossed above their 200-day moving average, reaching $181.04 before closing at $177.66, compared with the 200-day average of $164.47.
• Analyst sentiment remains favorable but mixed: ratings include Buy and Hold, resulting in a MarketBeat consensus of “Moderate Buy.”
• In its latest quarterly results, Seneca Foods reported $2.85 in EPS, slightly below the $2.92 consensus, while revenue of $405.17 million substantially exceeded the $327 million estimate.

Seneca Foods Corp. (NASDAQ:SENEA - Get Free Report) passed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $164.47 and traded as high as $181.04. Seneca Foods shares last traded at $177.66, with a volume of 121,647 shares traded.

Analyst Upgrades and Downgrades

SENEA has been the topic of several analyst reports. Wall Street Zen lowered shares of Seneca Foods from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 15th. Weiss Ratings reissued a "buy (b+)" rating on shares of Seneca Foods in a report on Friday, September 11th. Finally, Freedom Capital cut 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 given a Hold rating to the company. Based on data from MarketBeat, Seneca Foods presently has an average rating of "Moderate Buy".

Seneca Foods Stock Up 0.4%

The stock's 50-day moving average is $185.19 and its 200-day moving average is $164.47. The stock has a market cap of $1.20 billion, a P/E ratio of 10.26 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 (NASDAQ:SENEA - Get Free Report) last released 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). The company had revenue of $405.17 million for the quarter, compared to the consensus estimate of $327.00 million. Seneca Foods had a return on equity of 14.96% and a net margin of 6.75%.

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 stock was sold at an average price of $206.16, for a total value of $327,175.92. Following the completion of the sale, the vice president directly owned 609 shares in the company, valued at $125,551.44. This represents a 72.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Seneca Foods

Several hedge funds have recently modified their holdings of the company. Lazard Asset Management LLC raised its stake in shares of Seneca Foods by 30.9% in the 1st quarter. Lazard Asset Management LLC now owns 57,470 shares of the company's stock worth $8,685,000 after buying an additional 13,564 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Seneca Foods by 2.0% during the fourth quarter. Pacer Advisors Inc. now owns 45,456 shares of the company's stock valued at $5,029,000 after buying an additional 896 shares in the last quarter. Empowered Funds LLC grew its holdings in Seneca Foods by 8.1% during the first quarter. Empowered Funds LLC now owns 31,394 shares of the company's stock worth $4,744,000 after acquiring an additional 2,354 shares during the period. Janney Montgomery Scott LLC raised its position in Seneca Foods by 1.9% in the first quarter. Janney Montgomery Scott LLC now owns 26,579 shares of the company's stock worth $4,017,000 after acquiring an additional 499 shares in the last quarter. Finally, First Trust Advisors LP raised its position in Seneca Foods by 2.2% in the first quarter. First Trust Advisors LP now owns 19,039 shares of the company's stock worth $2,877,000 after acquiring an additional 407 shares in the last quarter. 42.51% of the stock is currently owned by institutional investors and hedge funds.

Seneca Foods Company Profile

Seneca Foods Corporation is a food processor and packaged-food company headquartered in Marion, New York. Founded in 1949, the company processes and distributes fruits and vegetables for retail, foodservice, and industrial customers.

Its product portfolio includes canned and frozen vegetables, canned fruits, applesauce, fruit snacks, and other shelf-stable and frozen food products. Seneca sells products under its own brands, including Seneca, as well as private-label brands for retailers and foodservice operators.

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