Seneca Foods (NASDAQ:SENEA) Trading Down 7.7% – Here’s Why

Seneca Foods Corp. (NASDAQ:SENEA)’s share price dropped 7.7% on Monday . The company traded as low as $161.52 and last traded at $161.8350. Approximately 156,744 shares were traded during mid-day trading, an increase of 55% from the average daily volume of 100,831 shares. The stock had previously closed at $175.37.

Analysts Set New Price Targets

Several research analysts recently issued reports on SENEA shares. Wall Street Zen raised Seneca Foods from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Weiss Ratings raised Seneca Foods from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday. Finally, Freedom Capital upgraded shares of Seneca Foods to a “strong-buy” rating in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company’s stock. According to data from MarketBeat, Seneca Foods currently has a consensus rating of “Strong Buy”.

Seneca Foods Trading Down 5.6%

The company has a fifty day moving average of $145.50 and a 200-day moving average of $132.47. The company has a current ratio of 5.06, a quick ratio of 1.07 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 9.40 and a beta of -0.03.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SENEA. EverSource Wealth Advisors LLC acquired a new stake in shares of Seneca Foods in the second quarter valued at about $36,000. Public Employees Retirement System of Ohio acquired a new position in Seneca Foods during the first quarter worth about $54,000. Quarry LP purchased a new stake in Seneca Foods during the 3rd quarter valued at about $57,000. Employees Retirement System of Texas acquired a new stake in Seneca Foods in the 3rd quarter valued at about $64,000. Finally, Royal Bank of Canada lifted its stake in Seneca Foods by 22.6% in the 1st quarter. Royal Bank of Canada now owns 429 shares of the company’s stock worth $65,000 after purchasing an additional 79 shares in the last quarter. Hedge funds and other institutional investors own 42.51% of the company’s stock.

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.