Should You Hold Seneca Foods Corporation (SENEA)?
Alluvial Capital Management, an investment advisory firm, released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 3.2% in the fourth quarter, bringing yearly returns to 15.1%. The portfolio typically lags during significant market movements, and the current quarter was no different. Despite being ahead of benchmarks through October, the fund achieved a decent outcome this year, outperforming the micro-cap index and trailing only small caps. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alluvial Capital Management featured stocks such as Seneca Foods Corporation (NASDAQ:SENEA) in the fourth quarter 2023 investor letter. Headquartered in Fairport, New York, Seneca Foods Corporation (NASDAQ:SENEA) offers packaged fruits and vegetables. On January 30, 2024, Seneca Foods Corporation (NASDAQ:SENEA) stock closed at $54.99 per share. One-month return of Seneca Foods Corporation (NASDAQ:SENEA) was 4.31%, and its shares lost 9.63% of their value over the last 52 weeks. Seneca Foods Corporation (NASDAQ:SENEA) has a market capitalization of $390.07 million.
Alluvial Capital Management stated the following regarding Seneca Foods Corporation (NASDAQ:SENEA) in its fourth quarter 2023 investor letter:
"Seneca Foods Corporation (NASDAQ:SENEA) has been active. Shares dipped after quarterly results but have since recovered. In November, the company acquired the Green Giant canned vegetables business from B&G Foods. Seneca was already active in co-manufacturing product for B&G, so this acquisition should result in increased gross profit for Seneca with little incremental investment or expenditure. Besides the B&G Foods assets, Seneca Foods has been very active in repurchasing its own shares, reducing the quantity outstanding by nearly 6% from July through October. I expect to see additional repurchase activity when the company reports in February. Buying back shares while they trade at a mid-single digit multiple of earnings is an excellent use of capital."
A worker taking out freshly made packaged food products from a production line.
Seneca Foods Corporation (NASDAQ:SENEA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held Seneca Foods Corporation (NASDAQ:SENEA) at the end of third quarter which was 10 in the previous quarter.
We discussed Seneca Foods Corporation (NASDAQ:SENEA) in another article and shared Greystone Capital Management's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
