Seneca Foods (NASDAQ:SENEA) Posts Earnings Results, Misses Expectations By $0.07 EPS

Seneca Foods (NASDAQ:SENEA) posted its quarterly earnings data on Thursday. The company reported $2.85 earnings per share for the quarter, missing analysts’ consensus estimates of $2.92 by ($0.07), FiscalAI reports. Seneca Foods had a return on equity of 15.28% and a net margin of 6.75%.The company had revenue of $405.17 million for the quarter, compared to analysts’ expectations of $327.00 million.

Seneca Foods Stock Up 7.3%

Shares of NASDAQ SENEA traded up $12.24 during mid-day trading on Friday, reaching $178.82. The company had a trading volume of 140,911 shares, compared to its average volume of 103,683. The firm has a 50 day simple moving average of $165.18 and a two-hundred day simple moving average of $147.39. The company has a current ratio of 5.06, a quick ratio of 1.07 and a debt-to-equity ratio of 0.34. Seneca Foods has a 52-week low of $99.58 and a 52-week high of $187.61. The stock has a market cap of $1.21 billion, a P/E ratio of 10.33 and a beta of -0.07.

Institutional Investors Weigh In On Seneca Foods

Hedge funds have recently made changes to their positions in the business. Van ECK Associates Corp grew its position in Seneca Foods by 11.0% during the fourth quarter. Van ECK Associates Corp now owns 908 shares of the company’s stock worth $100,000 after buying an additional 90 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Seneca Foods by 5.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,813 shares of the company’s stock worth $250,000 after acquiring an additional 156 shares during the period. Parallel Advisors LLC increased its stake in Seneca Foods by 27.8% in the 3rd quarter. Parallel Advisors LLC now owns 1,029 shares of the company’s stock valued at $111,000 after purchasing an additional 224 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Seneca Foods by 36.8% during the second quarter. Russell Investments Group Ltd. now owns 993 shares of the company’s stock worth $101,000 after purchasing an additional 267 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Seneca Foods by 12.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,745 shares of the company’s stock worth $304,000 after purchasing an additional 310 shares in the last quarter. Institutional investors and hedge funds own 42.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SENEA. Wall Street Zen raised Seneca Foods from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 13th. Weiss Ratings raised shares of Seneca Foods from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, June 15th. Finally, Freedom Capital upgraded shares of Seneca Foods to a “strong-buy” rating in a report on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to data from MarketBeat.com, Seneca Foods has an average rating of “Strong Buy”.

About Seneca Foods

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.