Seneca Foods (NASDAQ:SENEA) Cut to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Seneca Foods from “strong buy” to “buy,” while other analysts’ ratings leave the stock with a “Moderate Buy” consensus.
• Seneca Foods reported quarterly EPS of $2.85, slightly below the $2.92 consensus estimate, but revenue of $405.17 million significantly exceeded the $327 million forecast.
• The stock opened at $191.70, near its 52-week high of $196.39, with a $1.30 billion market capitalization; institutional investors own 42.51% of outstanding shares.

Seneca Foods (NASDAQ:SENEA - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

SENEA has been the subject of several other reports. Weiss Ratings raised shares of Seneca Foods from a "buy (b)" rating to a "buy (b+)" rating in a report on Monday, June 15th. Freedom Capital downgraded shares of Seneca Foods from a "strong-buy" rating to a "hold" rating in a report on Monday, August 10th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy".

Seneca Foods Stock Performance

NASDAQ:SENEA opened at $191.70 on Friday. The stock has a 50-day simple moving average of $169.61 and a two-hundred day simple moving average of $149.85. Seneca Foods has a 52-week low of $99.58 and a 52-week high of $196.39. 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 firm has a market capitalization of $1.30 billion, a PE ratio of 11.07 and a beta of -0.07.

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 company had revenue of $405.17 million during the quarter, compared to the consensus estimate of $327.00 million.

Hedge Funds Weigh In On Seneca Foods

Several institutional investors have recently bought and sold shares of SENEA. Royal Bank of Canada increased its holdings in Seneca Foods by 5.2% in the 1st quarter. Royal Bank of Canada now owns 7,738 shares of the company's stock valued at $690,000 after acquiring an additional 384 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Seneca Foods by 5.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,813 shares of the company's stock valued at $250,000 after purchasing an additional 156 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Seneca Foods during the 1st quarter valued at about $245,000. Empowered Funds LLC grew its position in shares of Seneca Foods by 54.0% during the first quarter. Empowered Funds LLC now owns 14,865 shares of the company's stock valued at $1,324,000 after purchasing an additional 5,214 shares in the last quarter. Finally, Creative Planning purchased a new position in shares of Seneca Foods during the second quarter valued at about $266,000. 42.51% of the stock is owned by hedge funds and other institutional investors.

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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