Seneca Foods (NASDAQ:SENEA) Shares Pass Above 200 Day Moving Average – Here’s Why

Seneca Foods Corp. (NASDAQ:SENEA) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $131.52 and traded as high as $152.98. Seneca Foods shares last traded at $149.21, with a volume of 188,941 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SENEA. Freedom Capital upgraded Seneca Foods to a “strong-buy” rating in a report on Wednesday, May 20th. Wall Street Zen upgraded Seneca Foods from a “buy” rating to a “strong-buy” rating in a report on Saturday. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Seneca Foods in a report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. Based on data from MarketBeat, Seneca Foods presently has a consensus rating of “Strong Buy”.

Seneca Foods Stock Up 17.5%

The firm has a market cap of $1.19 billion, a price-to-earnings ratio of 10.56 and a beta of -0.03. The company has a current ratio of 4.34, a quick ratio of 0.72 and a debt-to-equity ratio of 0.37. The stock has a 50-day moving average of $145.28 and a 200-day moving average of $131.82.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC acquired a new position in Seneca Foods during the 2nd quarter valued at approximately $36,000. Public Employees Retirement System of Ohio acquired a new position in Seneca Foods during the 1st quarter worth $54,000. Royal Bank of Canada boosted its position in Seneca Foods by 22.6% during the 1st quarter. Royal Bank of Canada now owns 429 shares of the company’s stock worth $65,000 after acquiring an additional 79 shares during the period. Quarry LP acquired a new position in Seneca Foods during the 3rd quarter worth $57,000. Finally, Employees Retirement System of Texas acquired a new position in Seneca Foods during the 3rd quarter worth $64,000. Institutional investors and hedge funds 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.