Seneca Foods (NASDAQ:SENEA) Reaches New 52-Week High – Here’s Why

Seneca Foods Corp. (NASDAQ:SENEA) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $197.76 and last traded at $198.5310, with a volume of 7704 shares trading hands. The stock had previously closed at $192.27.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SENEA. Freedom Capital cut shares of Seneca Foods from a “strong-buy” rating to a “hold” rating in a report on Monday, August 10th. Weiss Ratings upgraded shares of Seneca Foods from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, June 15th. Finally, Wall Street Zen cut Seneca Foods from a “strong-buy” rating to a “buy” rating in a report on Saturday. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Seneca Foods has a consensus rating of “Moderate Buy”.

Seneca Foods Trading Up 2.0%

The stock has a 50 day simple moving average of $171.46 and a 200-day simple moving average of $151.15. The firm has a market capitalization of $1.33 billion, a P/E ratio of 11.33 and a beta of -0.07. The company has a current ratio of 3.77, a quick ratio of 0.88 and a debt-to-equity ratio of 0.26.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Great Lakes Advisors LLC purchased a new position in shares of Seneca Foods during the 2nd quarter worth $690,000. Robotti Robert purchased a new stake in shares of Seneca Foods in the 2nd quarter worth $345,000. Wedge Capital Management L L P NC purchased a new stake in shares of Seneca Foods in the 2nd quarter worth $1,808,000. Marquette Asset Management LLC bought a new position in Seneca Foods in the 2nd quarter worth $481,000. Finally, Royal Bank of Canada raised its holdings 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 period. 42.51% of the stock is currently owned by institutional investors.

Seneca Foods Company Profile

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.