Shares of Seneca Foods (NASDAQ:SENEA) have been upgraded from a buy rating to a strong-buy rating by Wall Street Zen, as announced in a report released on Saturday morning. This positive assessment reflects growing confidence in the company’s performance and potential. In a separate development, Weiss Ratings reaffirmed its “buy (b)” rating for Seneca Foods in a research report circulated on December 29, 2023. Currently, one analyst has assigned a Buy rating, leading to a consensus rating of “Buy” according to data from MarketBeat.
Recent Hedge Fund Activity
In addition to the upgrade, several hedge funds have recently adjusted their positions in Seneca Foods, indicating increased institutional interest. The State of Alaska Department of Revenue acquired a new stake in Seneca Foods during the third quarter, valued at approximately $28,000. Similarly, EverSource Wealth Advisors LLC invested about $36,000 in the second quarter, while the New York State Teachers Retirement System purchased shares worth around $43,000 during the same period.
Among further notable transactions, CWM LLC raised its stake in Seneca Foods by an impressive 75.9% during the third quarter. The firm now holds 475 shares, valued at $51,000, after acquiring an additional 205 shares. Additionally, Quarry LP entered the market with a new investment estimated at about $57,000.
Overall, institutional investors and hedge funds collectively own approximately 42.51% of Seneca Foods’ stock, underscoring the growing interest from large investment entities.
About Seneca Foods
Seneca Foods Corporation is recognized as a leading producer and distributor of shelf-stable fruits, vegetables, and related products. The company specializes in the processing, packaging, and sale of canned fruits and vegetables, natural fruit juices, apple sauces, and fruit-based snacks.
Seneca Foods serves both retail and foodservice sectors, providing branded and private-label products to national and international grocers, restaurant chains, and food manufacturers. The company operates a comprehensive network of manufacturing facilities and cold storage warehouses throughout North America, with key processing plants located in New York, Michigan, California, and Canada.
As institutional confidence in Seneca Foods continues to grow, investors will be keen to monitor the company’s performance in the upcoming quarters.
