Seneca Foods (NASDAQ:SENEA) Stock Breaks Above 200-Day Moving Average – What’s Next?

Seneca Foods Corp. (NASDAQ:SENEA)’s stock price crossed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $158.06 and traded as high as $172.44. Seneca Foods shares last traded at $167.24, with a volume of 205,400 shares.

Analyst Upgrades and Downgrades

SENEA has been the subject of a number of research analyst reports. Freedom Capital cut Seneca Foods from a “strong-buy” rating to a “hold” rating in a report on Monday, August 10th. Weiss Ratings raised Seneca Foods from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday. Freedom Broker raised Seneca Foods from a “hold” rating to a “buy” rating and set a $202.00 price target on the stock in a research note on Monday. Finally, Wall Street Zen cut Seneca Foods from a “strong-buy” rating to a “hold” rating in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Seneca Foods has an average rating of “Buy” and an average target price of $202.00.

Seneca Foods Stock Performance

The company has a current ratio of 2.60, a quick ratio of 0.37 and a debt-to-equity ratio of 0.22. The firm has a fifty day moving average price of $174.70 and a 200 day moving average price of $158.61. The firm has a market cap of $1.19 billion, a PE ratio of 10.16 and a beta of -0.03.

Seneca Foods shares are set to split on the morning of Tuesday, November 17th. The 5-1 split was recently announced. The newly created shares will be issued to shareholders after the market closes on Monday, November 16th.

Seneca Foods (NASDAQ:SENEA) last released its quarterly earnings data on Wednesday, November 4th. The company reported $5.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.82 by $1.25. Seneca Foods had a net margin of 6.60% and a return on equity of 15.73%. The firm had revenue of $492.59 million during the quarter, compared to analysts’ expectations of $506.00 million.

Insider Activity at Seneca Foods

In related news, VP Dean Erstad sold 1,587 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $206.16, for a total value of $327,175.92. Following the completion of the transaction, the vice president directly owned 609 shares in the company, valued at approximately $125,551.44. This represents a 72.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 8.24% of the company’s stock.

Hedge Funds Weigh In On Seneca Foods

A number of hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. boosted its stake in Seneca Foods by 31.0% during the third quarter. Russell Investments Group Ltd. now owns 8,913 shares of the company’s stock worth $1,600,000 after buying an additional 2,108 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Seneca Foods by 9.0% in the 3rd quarter. Fifth Third Bancorp now owns 3,601 shares of the company’s stock worth $641,000 after acquiring an additional 298 shares during the last quarter. Ritholtz Wealth Management lifted its holdings in shares of Seneca Foods by 3.8% in the 3rd quarter. Ritholtz Wealth Management now owns 22,594 shares of the company’s stock worth $4,022,000 after acquiring an additional 819 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Seneca Foods by 28.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 48,758 shares of the company’s stock worth $8,632,000 after acquiring an additional 10,830 shares during the last quarter. Finally, Alps Advisors Inc. purchased a new position in shares of Seneca Foods during the 3rd quarter worth approximately $554,000. 42.51% of the stock is currently owned by hedge funds and other institutional investors.

Seneca Foods Company Profile

Seneca Foods Corporation is a U.S. food processor and packager specializing in fruits and vegetables. Its products include canned and frozen vegetables and fruits, as well as snack foods. The company sells products under brands including Seneca, Libby’s, Aunt Nellie’s and Green Giant, and also produces food for retailer and foodservice customers under private labels. Its products are distributed in the United States and other markets. Founded in 1949, Seneca Foods is headquartered in Marion, New York, and operates processing and packaging facilities in agricultural regions across the United States.