Seneca Foods (NASDAQ:SENEA) Downgraded by Wall Street Zen to Hold

Seneca Foods (NASDAQ:SENEA) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “hold” rating in a report issued on Saturday, Wall Street Zen reports.

A number of other research analysts have also recently issued reports on the company. Weiss Ratings cut Seneca Foods from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Friday, October 23rd. Freedom Capital lowered shares of Seneca Foods from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 10th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy”.

Seneca Foods Stock Up 4.7%

SENEA stock opened at $151.04 on Friday. The firm has a market cap of $1.02 billion, a PE ratio of 8.74 and a beta of -0.03. Seneca Foods has a 1 year low of $101.81 and a 1 year high of $210.00. The company has a current ratio of 3.77, a quick ratio of 0.88 and a debt-to-equity ratio of 0.26. The company has a fifty day simple moving average of $176.52 and a 200 day simple moving average of $157.82.

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

Seneca Foods (NASDAQ:SENEA) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $5.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.82 by $1.25. Seneca Foods had a net margin of 6.75% and a return on equity of 14.96%. The firm had revenue of $492.59 million for the quarter, compared to analyst estimates of $506.00 million.

Insider Buying and Selling

In other Seneca Foods news, VP Dean Erstad sold 1,587 shares of the firm’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $206.16, for a total transaction of $327,175.92. Following the transaction, the vice president owned 609 shares in the company, valued at approximately $125,551.44. This trade represents a 72.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 8.24% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. raised its stake in Seneca Foods by 31.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 8,913 shares of the company’s stock valued at $1,600,000 after acquiring an additional 2,108 shares during the period. Fifth Third Bancorp grew its stake 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 buying an additional 298 shares during the last quarter. Ritholtz Wealth Management boosted its position in shares of Seneca Foods by 3.8% during the third quarter. Ritholtz Wealth Management now owns 22,594 shares of the company’s stock valued at $4,022,000 after buying an additional 819 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Seneca Foods by 28.6% during 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 stake in shares of Seneca Foods during the third quarter worth about $554,000. Institutional investors and hedge funds own 42.51% of the company’s stock.

Seneca Foods Company Profile

Seneca Foods Corporation is a U.S.-based food processor and producer of packaged fruits and vegetables. The company supplies retail, food service, industrial and government customers with canned, frozen and prepared foods, including vegetables, fruits, applesauce, snack products and ingredients.

Seneca markets products under brands including Seneca, Libby’s, Green Giant, Aunt Nellie’s, READ and CherryMan, while also producing private-label goods for retailers and other food companies. Its product portfolio includes canned and frozen vegetables, fruit products, shelf-stable meals and ingredients used by commercial food manufacturers.

Founded in 1949 and headquartered in Marion, New York, Seneca operates processing and distribution facilities primarily in the United States and sources agricultural products from North American growing regions.