Seneca Foods (NASDAQ:SENEA) Reaches New 12-Month High - Here's Why

Key Points

• Seneca Foods shares reached a new 52-week high, trading as high as $188.07 and closing well above the prior session’s $179.71.
• Analyst sentiment has strengthened, with multiple firms upgrading the stock to “Strong Buy”; MarketBeat reports a consensus “Strong Buy” rating.
• The latest quarter produced $2.85 in earnings per share, slightly below the $2.92 consensus estimate, but revenue of $405.17 million substantially exceeded analysts’ $327 million forecast.

Shares of Seneca Foods Corp. (NASDAQ:SENEA - Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $188.07 and last traded at $187.9240, with a volume of 16583 shares trading hands. The stock had previously closed at $179.71.

Analyst Ratings Changes

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

Seneca Foods Price Performance

The company has a debt-to-equity ratio of 0.26, a current ratio of 3.77 and a quick ratio of 0.88. The stock's fifty day moving average is $165.87 and its 200-day moving average is $148.04. The stock has a market cap of $1.27 billion, a PE ratio of 10.81 and a beta of -0.07.

Seneca Foods (NASDAQ:SENEA - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $2.85 earnings per share for the quarter, missing the consensus estimate of $2.92 by ($0.07). The firm had revenue of $405.17 million during the quarter, compared to analyst estimates 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

A number of institutional investors have recently modified their holdings of SENEA. EverSource Wealth Advisors LLC purchased a new position in Seneca Foods in the second quarter valued at $36,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Seneca Foods during the 1st quarter worth approximately $54,000. Quarry LP purchased a new stake in shares of Seneca Foods during the 3rd quarter worth approximately $57,000. Employees Retirement System of Texas acquired a new position in shares of Seneca Foods in the 3rd quarter valued at $64,000. Finally, Royal Bank of Canada boosted its holdings in shares of Seneca Foods by 22.6% in the 1st quarter. Royal Bank of Canada now owns 429 shares of the company's stock valued at $65,000 after buying an additional 79 shares in the last quarter. 42.51% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source