Seneca Foods (NASDAQ:SENEA) Announces Earnings Results

Key Points

• Seneca Foods reported quarterly EPS of $2.85, $0.07 below analysts’ $2.92 consensus estimate, while revenue of $405.17 million significantly exceeded expectations of $327.00 million.
• Shares rose 7.3% to $178.82 following the results, bringing the stock near its 52-week high of $187.61 and giving the company a market capitalization of approximately $1.21 billion.
• Analyst sentiment remains positive, with recent upgrades leading to an average “Strong Buy” rating; institutional investors own 42.51% of the company.

Seneca Foods (NASDAQ:SENEA - Get Free Report) announced its quarterly earnings data on Thursday. The company reported $2.85 EPS for the quarter, missing analysts' consensus estimates of $2.92 by ($0.07), FiscalAI reports. Seneca Foods had a return on equity of 15.28% and a net margin of 6.75%.The business had revenue of $405.17 million for the quarter, compared to analyst estimates of $327.00 million.

Seneca Foods Stock Up 7.3%

Shares of NASDAQ SENEA traded up $12.24 during trading hours on Friday, hitting $178.82. The stock had a trading volume of 140,911 shares, compared to its average volume of 103,683. The company has a market capitalization of $1.21 billion, a P/E ratio of 10.33 and a beta of -0.07. The firm's 50-day moving average price is $165.18 and its two-hundred day moving average price is $147.39. Seneca Foods has a 52 week low of $99.58 and a 52 week high of $187.61. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.07 and a current ratio of 5.06.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SENEA shares. Wall Street Zen raised shares of Seneca Foods from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 13th. Freedom Capital raised shares of Seneca Foods to a "strong-buy" rating in a research report on Wednesday, May 20th. Finally, Weiss Ratings raised shares of Seneca Foods from a "buy (b)" rating to a "buy (b+)" rating in a research report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Strong Buy".

Hedge Funds Weigh In On Seneca Foods

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SENEA. Empowered Funds LLC lifted its stake in Seneca Foods by 7.5% in the fourth quarter. Empowered Funds LLC now owns 29,040 shares of the company's stock valued at $3,213,000 after acquiring an additional 2,026 shares during the last quarter. Susquehanna Portfolio Strategies LLC raised its holdings in shares of Seneca Foods by 49.3% during the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 12,489 shares of the company's stock valued at $1,382,000 after purchasing an additional 4,125 shares in the last quarter. Polymer Capital Management US LLC bought a new position in shares of Seneca Foods during the 4th quarter valued at $351,000. Gotham Asset Management LLC lifted its stake in shares of Seneca Foods by 43.0% in the 4th quarter. Gotham Asset Management LLC now owns 4,463 shares of the company's stock valued at $494,000 after purchasing an additional 1,342 shares during the last quarter. Finally, Engineers Gate Manager LP lifted its stake in shares of Seneca Foods by 96.8% in the 4th quarter. Engineers Gate Manager LP now owns 4,295 shares of the company's stock valued at $475,000 after purchasing an additional 2,113 shares during the last quarter. Institutional investors own 42.51% of the company's stock.

About Seneca Foods

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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