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

Seneca Foods (NASDAQ:SENEA) issued its quarterly earnings results on Thursday. The company reported $2.85 earnings per share (EPS) 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 business had revenue of $405.17 million for the quarter, compared to analyst estimates of $327.00 million.

Seneca Foods Stock Performance

Seneca Foods stock traded up $12.24 during mid-day trading on Friday, reaching $178.82. 140,911 shares of the company traded hands, compared to its average volume of 103,683. The firm’s fifty day moving average is $165.18 and its two-hundred day moving average is $147.39. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of 10.33 and a beta of -0.07. Seneca Foods has a fifty-two week low of $99.58 and a fifty-two week high of $187.61. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.06 and a quick ratio of 1.07.

Analyst Ratings Changes

A number of analysts have recently weighed in on SENEA shares. 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 upgraded Seneca Foods from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, June 15th. Finally, Freedom Capital raised 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Strong Buy”.

Hedge Funds Weigh In On Seneca Foods

Several hedge funds have recently made changes to their positions in the company. Empowered Funds LLC raised its stake in Seneca Foods by 7.5% in the 4th quarter. Empowered Funds LLC now owns 29,040 shares of the company’s stock worth $3,213,000 after acquiring an additional 2,026 shares during the last quarter. Susquehanna Portfolio Strategies LLC raised its stake in shares of Seneca Foods by 49.3% in the fourth quarter. Susquehanna Portfolio Strategies LLC now owns 12,489 shares of the company’s stock worth $1,382,000 after purchasing an additional 4,125 shares during the last quarter. Polymer Capital Management US LLC purchased a new position in shares of Seneca Foods in the fourth quarter worth about $351,000. Gotham Asset Management LLC lifted its holdings in shares of Seneca Foods by 43.0% during the fourth quarter. Gotham Asset Management LLC now owns 4,463 shares of the company’s stock worth $494,000 after purchasing an additional 1,342 shares during the period. Finally, Engineers Gate Manager LP boosted its position in Seneca Foods by 96.8% in the fourth quarter. Engineers Gate Manager LP now owns 4,295 shares of the company’s stock valued at $475,000 after buying an additional 2,113 shares during the last quarter. 42.51% of the stock is owned by institutional investors and hedge funds.

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.