Seneca Foods (NASDAQ:SENEA) Shares Down 7.7% – Should You Sell?

Seneca Foods Corp. (NASDAQ:SENEA) shares were down 7.7% on Monday . The stock traded as low as $161.52 and last traded at $161.8350. Approximately 156,744 shares traded hands during trading, an increase of 55% from the average daily volume of 100,831 shares. The stock had previously closed at $175.37.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on SENEA shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Seneca Foods in a research report on Friday, April 24th. Wall Street Zen upgraded shares of Seneca Foods from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, Freedom Capital upgraded shares of Seneca Foods to a “strong-buy” rating in a research report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Strong Buy”.

Seneca Foods Stock Down 6.9%

The firm’s 50-day moving average price is $145.28 and its 200 day moving average price is $131.87. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 9.82 and a beta of -0.03. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.06 and a quick ratio of 1.07.

Hedge Funds Weigh In On Seneca Foods

Institutional investors and hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC purchased a new position in shares of Seneca Foods during the second quarter valued at approximately $36,000. Public Employees Retirement System of Ohio purchased a new position in shares of Seneca Foods during the first quarter valued at approximately $54,000. Royal Bank of Canada lifted its stake in shares of Seneca Foods by 22.6% during 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 during the period. Quarry LP purchased a new position in shares of Seneca Foods during the third quarter valued at approximately $57,000. Finally, Employees Retirement System of Texas purchased a new position in shares of Seneca Foods during the third quarter valued at approximately $64,000. Hedge funds and other institutional investors 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.