Seneca Foods (NASDAQ:SENEA) Trading 3.9% Higher – Still a Buy?

Seneca Foods Corp. (NASDAQ:SENEA)’s share price shot up 3.9% during trading on Friday . The stock traded as high as $199.90 and last traded at $199.75. Approximately 23,508 shares traded hands during trading, a decline of 78% from the average daily volume of 105,005 shares. The stock had previously closed at $192.22.

Wall Street Analyst Weigh In

SENEA has been the topic of several recent analyst reports. Wall Street Zen lowered Seneca Foods from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 15th. Weiss Ratings raised Seneca Foods from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, June 15th. Finally, Freedom Capital downgraded shares of Seneca Foods from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 10th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

Seneca Foods Trading Up 4.4%

The business has a 50 day simple moving average of $175.98 and a 200 day simple moving average of $154.74. 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 company has a market cap of $1.36 billion, a price-to-earnings ratio of 11.59 and a beta of -0.07.

Seneca Foods (NASDAQ:SENEA) last announced its earnings results on Thursday, August 6th. The company reported $2.85 earnings per share for the quarter, missing analysts’ consensus estimates of $2.92 by ($0.07). Seneca Foods had a net margin of 6.75% and a return on equity of 14.96%. The business had revenue of $405.17 million during the quarter, compared to analyst estimates of $327.00 million.

Institutional Investors Weigh In On Seneca Foods

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC bought a new position in shares of Seneca Foods in the second quarter worth about $36,000. Public Employees Retirement System of Ohio bought a new stake in shares of Seneca Foods during the first quarter valued at approximately $54,000. Quarry LP acquired a new stake in shares of Seneca Foods in the third quarter valued at approximately $57,000. Employees Retirement System of Texas acquired a new stake in shares of Seneca Foods in the third quarter valued at approximately $64,000. Finally, Royal Bank of Canada raised its position in Seneca Foods by 22.6% in the 1st quarter. Royal Bank of Canada now owns 429 shares of the company’s stock worth $65,000 after purchasing an additional 79 shares during the last quarter. 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.