Seneca Foods (NASDAQ:SENEA) Stock Price Up 3.9% - Still a Buy?

Key Points

• Seneca Foods shares rose 3.9% to approximately $199.75, although trading volume was 78% below the average daily level.
• Analyst sentiment remains cautiously positive, with one Buy and one Hold rating producing a consensus “Moderate Buy,” while some firms recently downgraded their views.
• The company exceeded revenue expectations with quarterly sales of $405.17 million but missed EPS estimates, reporting $2.85 versus the $2.92 consensus.

Seneca Foods Corp. (NASDAQ:SENEA - Get Free Report) shares shot up 3.9% during mid-day trading on Friday . The company traded as high as $199.90 and last traded at $199.75. 23,508 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 105,005 shares. The stock had previously closed at $192.22.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SENEA. Weiss Ratings raised Seneca Foods from a "buy (b)" rating to a "buy (b+)" rating in a research report on Monday, June 15th. Freedom Capital cut Seneca Foods from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 10th. 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 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 presently has a consensus rating of "Moderate Buy".

Seneca Foods Price Performance

The stock has a 50-day simple moving average of $175.98 and a 200 day simple moving average of $154.74. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.88 and a current ratio of 3.77. The company has a market cap of $1.36 billion, a P/E ratio of 11.59 and a beta of -0.07.

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

Institutional Investors Weigh In On Seneca Foods

Institutional investors and hedge funds have recently bought and sold shares of the business. Hsbc Holdings PLC acquired a new stake in shares of Seneca Foods during the 4th quarter valued at about $722,000. Lazard Asset Management LLC raised its position 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 in the last quarter. Range Financial Group LLC acquired a new position in Seneca Foods in the first quarter worth about $1,140,000. Wedge Capital Management L L P NC bought a new position in Seneca Foods during the second quarter worth about $1,808,000. Finally, Quantinno Capital Management LP lifted its stake in Seneca Foods by 160.8% during the first quarter. Quantinno Capital Management LP now owns 9,287 shares of the company's stock worth $1,403,000 after purchasing an additional 5,726 shares during the period. Institutional investors own 42.51% of the company's stock.

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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