Seneca Foods (NASDAQ:SENEA) Hits New 52-Week High - Time to Buy?

Key Points

• Seneca Foods reached a new 52-week high, trading at $107.36, indicating strong market performance with a reported volume of 16,228 shares.
• Analysts at Wall Street Zen downgraded Seneca Foods from a "buy" to a "hold" rating, suggesting a shift in investment sentiment.
• Institutional investors now hold 42.51% of Seneca Foods, with several hedge funds increasing their stakes significantly in the last quarter.

Seneca Foods Corp. (NASDAQ:SENEA - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $107.36 and last traded at $107.16, with a volume of 16228 shares. The stock had previously closed at $103.91.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded Seneca Foods from a "buy" rating to a "hold" rating in a research note on Tuesday, April 29th.

Seneca Foods Price Performance

The stock has a market capitalization of $712.70 million, a price-to-earnings ratio of 17.56 and a beta of 0.38. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.71 and a current ratio of 3.52. The company has a fifty day simple moving average of $98.21 and a two-hundred day simple moving average of $88.65.

Seneca Foods (NASDAQ:SENEA - Get Free Report) last issued its earnings results on Thursday, June 12th. The company reported $1.37 earnings per share (EPS) for the quarter. The business had revenue of $345.84 million during the quarter. Seneca Foods had a return on equity of 11.03% and a net margin of 2.61%.

Institutional Investors Weigh In On Seneca Foods

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Seneca Foods by 2.1% in the first quarter. Vanguard Group Inc. now owns 307,325 shares of the company's stock valued at $27,364,000 after purchasing an additional 6,208 shares in the last quarter. American Century Companies Inc. lifted its holdings in Seneca Foods by 161.5% during the first quarter. American Century Companies Inc. now owns 70,929 shares of the company's stock worth $6,316,000 after acquiring an additional 43,805 shares during the period. Northern Trust Corp lifted its holdings in Seneca Foods by 11.1% during the fourth quarter. Northern Trust Corp now owns 70,134 shares of the company's stock worth $5,559,000 after acquiring an additional 7,020 shares during the period. Invesco Ltd. lifted its holdings in Seneca Foods by 80.0% during the first quarter. Invesco Ltd. now owns 52,492 shares of the company's stock worth $4,674,000 after acquiring an additional 23,329 shares during the period. Finally, Bridgeway Capital Management LLC lifted its holdings in Seneca Foods by 17.1% during the first quarter. Bridgeway Capital Management LLC now owns 35,765 shares of the company's stock worth $3,185,000 after acquiring an additional 5,214 shares during the period. Institutional investors and hedge funds own 42.51% of the company's stock.

About Seneca Foods

Seneca Foods Corporation provides packaged fruits and vegetables in the United States and internationally. The company offers canned, frozen, and jarred produce; jarred fruit; and snack chips and other food products under the private label, as well as under various national and regional brands that the company owns or licenses, including Seneca, Libby's, Aunt Nellie's, Cherryman, Green Valley, and READ.