Seneca Foods (NASDAQ:SENEA) Shares Break Below 200 Day Moving Average – Time to Sell?

Shares of Seneca Foods Corp. (NASDAQ:SENEA) crossed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $156.29 and traded as low as $153.14. Seneca Foods shares last traded at $155.72, with a volume of 76,507 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SENEA shares. Freedom Capital lowered shares of Seneca Foods from a “strong-buy” rating to a “hold” rating in a report on Monday, August 10th. Weiss Ratings lowered shares of Seneca Foods from a “buy (a-)” rating to a “buy (b+)” rating in a report on Friday. Finally, Wall Street Zen upgraded shares of Seneca Foods from a “buy” rating to a “strong-buy” rating in a report on Saturday. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy”.

Seneca Foods Stock Performance

The company has a 50 day moving average price of $182.64 and a 200 day moving average price of $156.29.

Seneca Foods (NASDAQ:SENEA) last issued its quarterly earnings results on Thursday, August 6th. The company reported $2.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.92 by ($0.07). The company had revenue of $405.17 million for the quarter, compared to analyst estimates of $327.00 million.

Insider Buying and Selling

In related news, VP Dean Erstad sold 1,587 shares of Seneca Foods stock in a transaction dated 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 trade represents a 72.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 8.24% of the company’s stock.

Institutional Trading of Seneca Foods

Hedge funds and other institutional investors have recently bought and sold shares of the company. Integrated Wealth Concepts LLC acquired a new stake in Seneca Foods during the second quarter valued at approximately $26,000. USA Financial Formulas bought a new position in Seneca Foods during the 3rd quarter worth approximately $40,000. Public Employees Retirement System of Ohio acquired a new position in shares of Seneca Foods in the 1st quarter worth approximately $54,000. Signaturefd LLC grew its position in shares of Seneca Foods by 88.6% in the 3rd quarter. Signaturefd LLC now owns 349 shares of the company’s stock worth $62,000 after acquiring an additional 164 shares in the last quarter. Finally, Royal Bank of Canada grew its position in shares of 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 acquiring an additional 79 shares in the last quarter. 42.51% of the stock is owned by institutional investors.

About Seneca Foods

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.