Seneca Foods Corp (NASDAQ:SENEA) was the recipient of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 103,000 shares, a decline of 9.4% from the July 31st total of 113,700 shares. Currently, 1.6% of the company’s stock are short sold. Based on an average daily volume of 19,300 shares, the days-to-cover ratio is presently 5.3 days.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SENEA. BNP Paribas Arbitrage SA increased its position in Seneca Foods by 608.0% during the first quarter. BNP Paribas Arbitrage SA now owns 1,501 shares of the company’s stock worth $37,000 after buying an additional 1,289 shares during the period. KBC Group NV increased its position in Seneca Foods by 15.7% during the second quarter. KBC Group NV now owns 7,638 shares of the company’s stock worth $213,000 after buying an additional 1,036 shares during the period. Heritage Investors Management Corp acquired a new position in Seneca Foods during the second quarter worth approximately $215,000. Pacer Advisors Inc. acquired a new position in Seneca Foods during the second quarter worth approximately $239,000. Finally, Bank of America Corp DE increased its position in Seneca Foods by 81.8% during the fourth quarter. Bank of America Corp DE now owns 10,265 shares of the company’s stock worth $290,000 after buying an additional 4,618 shares during the period. 49.65% of the stock is currently owned by institutional investors.
Separately, BidaskClub upgraded Seneca Foods from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, September 10th.
Seneca Foods (NASDAQ:SENEA) last posted its earnings results on Wednesday, August 7th. The company reported $0.18 earnings per share for the quarter. The firm had revenue of $264.93 million during the quarter. Seneca Foods had a negative return on equity of 6.09% and a net margin of 1.28%.
About Seneca Foods
Seneca Foods Corporation provides packaged fruits and vegetables in the United States and internationally. It offers canned, frozen, and bottled produce; and snack chips and other food products under the private label, as well as under various national and regional brands that the company owns or licenses, including Seneca, Libby's, Aunt Nellie's, READ, Green Valley, Cherryman, and Seneca Farms.
See Also: Why are trading ranges significant?
Receive News & Ratings for Seneca Foods Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Seneca Foods and related companies with MarketBeat.com's FREE daily email newsletter.