Seneca Foods (NASDAQ:SENEA) Shares Gap Up – What’s Next?

Seneca Foods Corp. (NASDAQ:SENEA)’s stock price gapped up prior to trading on Thursday. The stock had previously closed at $168.21, but opened at $176.56. Seneca Foods shares last traded at $174.3860, with a volume of 6,097 shares changing hands.

Analyst Ratings Changes

SENEA has been the subject of a number of research analyst reports. Weiss Ratings raised Seneca Foods from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday. Freedom Broker raised shares of Seneca Foods from a “hold” rating to a “buy” rating and set a $202.00 price objective on the stock in a report on Monday. Wall Street Zen lowered shares of Seneca Foods from a “strong-buy” rating to a “hold” rating in a report on Saturday, November 7th. Finally, Freedom Capital cut shares of Seneca Foods from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $202.00.

Seneca Foods Stock Down 2.2%

The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.37 and a current ratio of 2.60. The firm’s 50-day moving average is $174.70 and its two-hundred day moving average is $158.61. The stock has a market cap of $1.16 billion, a P/E ratio of 9.94 and a beta of -0.03.

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

Seneca Foods (NASDAQ:SENEA) last issued its 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 6.60% and a return on equity of 15.73%. The company had revenue of $492.59 million for the quarter, compared to analyst estimates of $506.00 million.

Insiders Place Their Bets

In related news, VP Dean Erstad sold 1,587 shares of the stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $206.16, for a total value of $327,175.92. Following the transaction, the vice president directly owned 609 shares in the company, valued at $125,551.44. This represents a 72.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 8.24% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Seneca Foods

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada grew its holdings in Seneca Foods by 22.6% during 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 during the period. Pullen Investment Management LLC raised its position in shares of Seneca Foods by 0.7% during the 3rd quarter. Pullen Investment Management LLC now owns 20,242 shares of the company’s stock valued at $3,603,000 after acquiring an additional 136 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Seneca Foods in the 2nd quarter valued at $26,000. Signaturefd LLC lifted its stake in shares of Seneca Foods by 88.6% in the 3rd quarter. Signaturefd LLC now owns 349 shares of the company’s stock valued at $62,000 after purchasing an additional 164 shares during the period. Finally, Swiss National Bank lifted its stake in shares of Seneca Foods by 2.3% in the 1st quarter. Swiss National Bank now owns 9,000 shares of the company’s stock valued at $1,360,000 after purchasing an additional 200 shares during the period. 42.51% of the stock is owned by 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.