Seneca Foods (NASDAQ:SENEA) Shares Cross Above 200 Day Moving Average - Here's What Happened

Key Points

• Seneca Foods shares crossed above their 200-day moving average, reaching $184.29 and last trading at $183.41 versus the $165.98 average.
• Analyst opinions were mixed, but the stock retains an overall “Buy” rating; one firm upgraded it while others downgraded their recommendations.
• In its latest quarter, Seneca Foods reported $2.85 in earnings per share, missing estimates by $0.07, while revenue of $405.17 million exceeded expectations.

Seneca Foods Corp. (NASDAQ:SENEA - Get Free Report)'s stock price passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $165.98 and traded as high as $184.29. Seneca Foods shares last traded at $183.41, with a volume of 97,357 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SENEA shares. Freedom Capital lowered Seneca Foods from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 10th. Weiss Ratings upgraded Seneca Foods from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Thursday. Finally, Wall Street Zen downgraded Seneca Foods from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 15th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Seneca Foods presently has an average rating of "Buy".

Seneca Foods Stock Performance

The company has a market capitalization of $1.24 billion, a P/E ratio of 10.60 and a beta of -0.03. The business has a 50-day moving average of $186.18 and a 200-day moving average of $165.98. The company has a debt-to-equity ratio of 0.26, a current ratio of 3.77 and a quick ratio of 0.88.

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

Insider Buying and Selling at Seneca Foods

In other news, VP Dean Erstad sold 1,587 shares of the firm's 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 sale, the vice president owned 609 shares in the company, valued at approximately $125,551.44. This trade represents a 72.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 8.20% of the company's stock.

Hedge Funds Weigh In On Seneca Foods

Several hedge funds have recently added to or reduced their stakes in SENEA. Lazard Asset Management LLC lifted its stake in Seneca Foods by 30.9% in the first quarter. Lazard Asset Management LLC now owns 57,470 shares of the company's stock worth $8,685,000 after purchasing an additional 13,564 shares during the last quarter. Pacer Advisors Inc. boosted its position in shares of 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 during the period. Empowered Funds LLC grew its stake in shares of Seneca Foods by 8.1% during the first quarter. Empowered Funds LLC now owns 31,394 shares of the company's stock valued at $4,744,000 after buying an additional 2,354 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Seneca Foods by 1.9% during the first quarter. Janney Montgomery Scott LLC now owns 26,579 shares of the company's stock valued at $4,017,000 after buying an additional 499 shares during the last quarter. Finally, EVR Research LP grew its stake in shares of Seneca Foods by 9.5% during the fourth quarter. EVR Research LP now owns 23,000 shares of the company's stock valued at $2,544,000 after buying an additional 2,000 shares during the last quarter. 42.51% of the stock is currently owned by institutional investors.

About Seneca Foods

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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