Seneca Foods (NASDAQ:SENEA) Hits New 52-Week High – Time to Buy?

Seneca Foods Corp. (NASDAQ:SENEA)’s stock price reached 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.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Weiss Ratings raised Seneca Foods from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, June 15th. Wall Street Zen cut shares of Seneca Foods from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 15th. Finally, 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 research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Seneca Foods currently has an average rating of “Moderate Buy”.

Seneca Foods Stock Performance

The firm has a fifty day moving average of $173.21 and a 200-day moving average of $152.20. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of 11.13 and a beta of -0.07. The company has a quick ratio of 0.88, a current ratio of 3.77 and a debt-to-equity ratio of 0.26.

Seneca Foods (NASDAQ:SENEA) last posted its earnings results on Thursday, August 6th. The company reported $2.85 EPS for the quarter, missing analysts’ consensus estimates of $2.92 by ($0.07). Seneca Foods had a return on equity of 14.96% and a net margin of 6.75%.The firm had revenue of $405.17 million for the quarter, compared to analysts’ expectations of $327.00 million.

Hedge Funds Weigh In On Seneca Foods

Several hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its holdings in shares of Seneca Foods by 5.2% in the first quarter. Royal Bank of Canada now owns 7,738 shares of the company’s stock valued at $690,000 after purchasing an additional 384 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Seneca Foods by 5.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,813 shares of the company’s stock valued at $250,000 after purchasing an additional 156 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Seneca Foods during the 1st quarter worth approximately $245,000. Empowered Funds LLC raised its position in shares of Seneca Foods by 54.0% during the 1st quarter. Empowered Funds LLC now owns 14,865 shares of the company’s stock worth $1,324,000 after purchasing an additional 5,214 shares during the last quarter. Finally, Creative Planning acquired a new position in shares of Seneca Foods during the 2nd quarter worth approximately $266,000. 42.51% of the stock is currently owned by hedge funds and other institutional investors.

Seneca Foods Company Profile

Seneca Foods Corporation is a 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.