Seneca Foods (NASDAQ:SENEA) Share Price Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• Seneca Foods shares moved above their 200-day moving average on Thursday, trading as high as $165.88 before last changing hands at $164.13.
• Analysts have turned more positive on the stock, with recent upgrades from Weiss Ratings, Freedom Capital, and Wall Street Zen, leaving Seneca Foods with an overall Strong Buy average rating.
• The company’s stock appears relatively small and inexpensive by market metrics, with a $1.11 billion market cap and a 9.89 P/E ratio, while institutional investors continue to add or increase positions.

Seneca Foods Corp. (NASDAQ:SENEA - Get Free Report) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $143.30 and traded as high as $165.88. Seneca Foods shares last traded at $164.13, with a volume of 88,948 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Weiss Ratings upgraded shares of Seneca Foods from a "buy (b)" rating to a "buy (b+)" rating in a report on Monday, June 15th. Freedom Capital upgraded Seneca Foods to a "strong-buy" rating in a research report on Wednesday, May 20th. Finally, Wall Street Zen raised Seneca Foods from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 13th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Strong Buy".

Seneca Foods Stock Performance

The firm's 50 day moving average price is $159.15 and its two-hundred day moving average price is $143.30. The firm has a market cap of $1.11 billion, a PE ratio of 9.89 and a beta of -0.07. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.07 and a current ratio of 5.06.

Institutional Trading of Seneca Foods

A number of hedge funds and other institutional investors have recently modified their holdings of SENEA. Wedge Capital Management L L P NC purchased a new position in Seneca Foods during the second quarter worth about $1,808,000. Marquette Asset Management LLC acquired a new position in Seneca Foods during the second quarter worth $481,000. Royal Bank of Canada grew its stake in shares of Seneca Foods by 22.6% in the first 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. Empowered Funds LLC raised its holdings in shares of Seneca Foods by 8.1% in the 1st quarter. Empowered Funds LLC now owns 31,394 shares of the company's stock valued at $4,744,000 after buying an additional 2,354 shares during the period. Finally, Quantinno Capital Management LP raised its holdings in shares of Seneca Foods by 160.8% in the 1st quarter. Quantinno Capital Management LP now owns 9,287 shares of the company's stock valued at $1,403,000 after buying an additional 5,726 shares during the period. 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.