Seneca Foods (NASDAQ:SENEA) Stock Breaks Above 200-Day Moving Average – Time to Sell?

Seneca Foods Corp. (NASDAQ:SENEA)’s stock price crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $164.47 and traded as high as $181.04. Seneca Foods shares last traded at $177.66, with a volume of 121,647 shares changing hands.

Wall Street Analysts Forecast Growth

SENEA has been the subject of several research analyst reports. Freedom Capital downgraded Seneca Foods from a “strong-buy” rating to a “hold” rating in a report on Monday, August 10th. Weiss Ratings reissued a “buy (b+)” rating on shares of Seneca Foods in a research report on Friday, September 11th. Finally, 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. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Seneca Foods currently has a consensus rating of “Moderate Buy”.

Seneca Foods Stock Performance

The business’s 50 day simple moving average is $185.19 and its two-hundred day simple moving average is $164.47. The firm has a market capitalization of $1.20 billion, a PE ratio of 10.26 and a beta of -0.03. The company has a current ratio of 3.77, a quick ratio of 0.88 and a debt-to-equity ratio of 0.26.

Seneca Foods (NASDAQ:SENEA) last released 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 firm had revenue of $405.17 million during the quarter, compared to analysts’ expectations of $327.00 million. Seneca Foods had a return on equity of 14.96% and a net margin of 6.75%.

Insider Buying and Selling at Seneca Foods

In related news, VP Dean Erstad sold 1,587 shares of the firm’s 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 owned 609 shares of the company’s stock, 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 filing with the SEC, which can be accessed through this link. 8.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Seneca Foods

A number of hedge funds have recently modified their holdings of the business. Lazard Asset Management LLC increased its stake in Seneca Foods by 30.9% in the 1st quarter. Lazard Asset Management LLC now owns 57,470 shares of the company’s stock worth $8,685,000 after buying an additional 13,564 shares in the last quarter. Wedge Capital Management L L P NC purchased a new stake in shares of Seneca Foods during the second quarter worth about $1,808,000. Corient Private Wealth LP raised its stake in Seneca Foods by 187.7% during the 2nd quarter. Corient Private Wealth LP now owns 14,085 shares of the company’s stock valued at $2,450,000 after purchasing an additional 9,190 shares during the period. Ritholtz Wealth Management lifted its holdings in Seneca Foods by 68.6% in the 1st quarter. Ritholtz Wealth Management now owns 18,988 shares of the company’s stock worth $2,869,000 after purchasing an additional 7,723 shares in the last quarter. Finally, Range Financial Group LLC bought a new position in Seneca Foods in the 1st quarter worth approximately $1,140,000. Institutional investors own 42.51% of the company’s stock.

Seneca Foods Company Profile

Seneca Foods Corporation is a food processor and packaged-food company headquartered in Marion, New York. Founded in 1949, the company processes and distributes fruits and vegetables for retail, foodservice, and industrial customers.

Its product portfolio includes canned and frozen vegetables, canned fruits, applesauce, fruit snacks, and other shelf-stable and frozen food products. Seneca sells products under its own brands, including Seneca, as well as private-label brands for retailers and foodservice operators.