Seneca Foods (NASDAQ:SENEA) Posts Earnings Results

Seneca Foods (NASDAQ:SENEA) released its quarterly earnings results on Thursday. The company reported $2.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.92 by ($0.07), FiscalAI reports. The company had revenue of $405.17 million for the quarter, compared to the consensus estimate of $327.00 million. Seneca Foods had a return on equity of 15.28% and a net margin of 6.75%.

Seneca Foods Stock Performance

Shares of NASDAQ:SENEA traded up $12.24 during midday trading on Friday, hitting $178.82. The company’s stock had a trading volume of 140,911 shares, compared to its average volume of 103,683. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.07 and a current ratio of 5.06. The stock’s 50 day simple moving average is $165.18 and its 200 day simple moving average is $147.39. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of 10.33 and a beta of -0.07. Seneca Foods has a fifty-two week low of $99.58 and a fifty-two week high of $187.61.

Institutional Trading of Seneca Foods

Several hedge funds have recently added to or reduced their stakes in SENEA. Vanguard Group Inc. grew its holdings in Seneca Foods by 10.0% in the 3rd quarter. Vanguard Group Inc. now owns 351,033 shares of the company’s stock valued at $37,891,000 after buying an additional 31,873 shares during the last quarter. Geode Capital Management LLC increased its position in Seneca Foods by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 138,182 shares of the company’s stock worth $15,289,000 after buying an additional 516 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Seneca Foods by 12.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 110,203 shares of the company’s stock worth $12,192,000 after buying an additional 12,409 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Seneca Foods by 31.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 61,222 shares of the company’s stock worth $6,608,000 after buying an additional 14,721 shares during the last quarter. Finally, Millennium Management LLC boosted its position in shares of Seneca Foods by 47.5% in the third quarter. Millennium Management LLC now owns 53,608 shares of the company’s stock valued at $5,786,000 after acquiring an additional 17,271 shares during the period. Institutional investors own 42.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Weiss Ratings raised Seneca Foods from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, June 15th. Wall Street Zen upgraded Seneca Foods from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 13th. Finally, Freedom Capital raised 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.com, the stock currently has an average rating of “Strong Buy”.

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.