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Seneca Foods Corporation (SENEA)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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54.70-0.16 (-0.29%)
At close: 4:00PM EST

54.70 0.00 (0.00%)
Pre-Market: 8:00AM EST

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Previous Close54.86
Open54.38
Bid0.00 x 800
Ask0.00 x 1200
Day's Range54.10 - 55.74
52 Week Range25.04 - 59.00
Volume40,780
Avg. Volume35,191
Market Cap496.345M
Beta (5Y Monthly)0.79
PE Ratio (TTM)3.80
EPS (TTM)14.38
Earnings DateFeb 03, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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  • Seneca Foods Commences Cash Tender Offer to Purchase Up to $75 Million in Value of its Class A Common Stock
    GlobeNewswire

    Seneca Foods Commences Cash Tender Offer to Purchase Up to $75 Million in Value of its Class A Common Stock

    MARION, N.Y., Feb. 08, 2021 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) (“Seneca” or the “Company”), one of North America's leading providers of packaged fruits and vegetables with facilities located throughout the United States, today announced the commencement of a tender offer (the “Offer”) to purchase up to $75 million in value of its Class A common stock, par value $0.25 per share (the “Class A Shares”), at a price not greater than $46.00 nor less than $40.00 per Class A Share to the seller in cash, less any applicable withholding taxes and without interest. The Company is conducting the Offer by means of a procedure commonly called a “modified Dutch auction”, which allows stockholders to indicate how much stock and at what price within the specified offer range they wish to tender their stock. Based on the number of Class A Shares tendered and the prices specified by the tendering stockholders, Seneca will determine the lowest price per Class A Share within the specified range that will enable it to purchase $75 million in value of Class A Shares at such price, or such lesser number of Class A Shares that are tendered and not withdrawn (the “Final Purchase Price”), subject to the terms of the Offer. All Class A Shares purchased by Seneca in the Offer will be purchased at the same price. The Offer is made in accordance with the terms and subject to the conditions described in the Offer to Purchase, dated February 8, 2021 (the “Offer to Purchase”), and the accompanying Letter of Transmittal, dated February 8, 2021 (together with the Offer to Purchase, the “Offer Materials”), as each may be amended or supplemented from time to time. The Offer will expire at 6:00 p.m., New York City time, on Tuesday, March 9, 2021 (the “Expiration Date”), unless the Offer is extended or earlier terminated. Tenders of Class A Shares must be made on or prior to the Expiration Date and may be withdrawn at any time prior to the Expiration Date in accordance with the procedures described in the Offer Materials. If, based on the Final Purchase Price, more than $75 million in value of Class A Shares (or such greater number of Class A Shares as Seneca may choose to purchase without amending or extending the Offer) are properly tendered and not properly withdrawn, Seneca will purchase shares tendered at or below the Final Purchase Price on a pro rata basis, subject to certain “odd lot” priority and conditional tender provisions. Stockholders whose Class A Shares are purchased in the Offer will be paid the determined purchase price in cash, less any applicable withholding taxes and without interest, after the expiration of the Offer. The Company believes that the “modified Dutch auction” tender offer provides its stockholders with the opportunity to tender all or a portion of their Class A Shares, and thereby receive a return of some or all of their investment in the Company, if they so elect. The Offer is not contingent upon the receipt of financing or any minimum number of Class A Shares being tendered. However, the Offer is subject to a number of other terms and conditions, which are described in detail in the Offer to Purchase. While the Company’s Board of Directors has authorized the Company to make the Offer, neither the Company, its Board of Directors, the dealer manager, the information agent, nor the depositary makes any recommendation as to whether to tender or refrain from tendering Class A Shares or as to the price at which to tender them. The Company has not authorized any person to make any such recommendation. Stockholders must make their own decision as to whether to tender their Class A Shares and, if so, how many Class A Shares to tender and the purchase price or purchase prices at which they will tender them. In doing so, stockholders should consult their own financial and tax advisors and read carefully and evaluate the information in the Offer Materials. Pursuant to Rule 13e-4(c)(2) under the Securities Exchange Act of 1934, as amended, the Company is filing with the Securities and Exchange Commission (the “SEC”) an Issuer Tender Offer Statement on Schedule TO, which contains additional information with respect to the Offer. The Schedule TO, including the exhibits and any amendments and supplements thereto, may be examined, and copies may be obtained, at the SEC’s website at www.sec.gov. The dealer manager for the tender offer is BofA Securities, Inc. Georgeson LLC is serving as information agent for the tender offer and Computershare Trust Company is serving as the depositary for the tender offer. For all questions relating to the tender offer, please call the information agent, Georgeson LLC at (866) 628-6079 or the dealer manager, BofA Securities, Inc. at (888) 803-9655. THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR SOLICITATION TO PURCHASE SECURITIES. THE OFFER IS BEING MADE SOLELY PURSUANT TO THE OFFER MATERIALS, WHICH SET FORTH THE COMPLETE TERMS OF THE OFFER THAT HOLDERS OF THE SECURITIES SHOULD CAREFULLY READ PRIOR TO MAKING ANY DECISION. THE COMPANY IS NOT MAKING THE OFFER TO (NOR WILL IT ACCEPT ANY TENDER OF SECURITIES FROM OR ON BEHALF OF) HOLDERS OF SECURITIES IN ANY JURISDICTION IN WHICH THE MAKING OF THE OFFER OR THE ACCEPTANCE OF ANY TENDER OF SECURITIES WOULD NOT BE IN COMPLIANCE WITH THE LAWS OF SUCH JURISDICTION, PROVIDED THAT THE COMPANY WILL COMPLY WITH THE REQUIREMENTS OF RULE 13E-4(F)(8) PROMULGATED UNDER THE EXCHANGE ACT. HOWEVER, THE COMPANY MAY, AT ITS DISCRETION, TAKE SUCH ACTION AS THE COMPANY MAY DEEM NECESSARY FOR IT TO MAKE THE OFFER IN ANY SUCH JURISDICTION AND EXTEND THE OFFER TO HOLDERS OF SECURITIES IN SUCH JURISDICTION. IN ANY JURISDICTION THE SECURITIES OR BLUE SKY LAWS OF WHICH REQUIRE THE OFFER TO BE MADE BY A LICENSED BROKER OR DEALER, THE OFFER SHALL BE DEEMED TO BE MADE ON THE COMPANY’S BEHALF BY ONE OR MORE REGISTERED BROKERS OR DEALERS WHICH ARE LICENSED UNDER THE LAWS OF SUCH JURISDICTION. About Seneca Foods Corporation Seneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 1,600 American farms. Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries. Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips. Seneca’s common stock is traded on the Nasdaq Global Stock Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices. Contact: Timothy J. Benjamin, Chief Financial Officer315-926-8100

  • Seneca Foods Reports Sales and Earnings for the Quarter and Nine Months Ended December 26, 2020
    GlobeNewswire

    Seneca Foods Reports Sales and Earnings for the Quarter and Nine Months Ended December 26, 2020

    MARION, N.Y., Feb. 03, 2021 (GLOBE NEWSWIRE) -- Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the third quarter and nine months ended December 26, 2020. Highlights (vs. year-ago, third quarter results): Net sales increased 23.3% to 484.4 million.Gross margin percentage increased from 13.3% to 16.0% as compared to the prior year three months due to higher selling prices and higher sales volume in the third quarter of 2021. “Our results for the quarter reflect the gain on sale of our prepared foods business as well as continued strong sales in our core business. I remain humbled by the dedication of all of our loyal employees during the pandemic as we continue to help do our part in meeting customer needs with our products,” stated Paul Palmby, President and Chief Executive Officer. Highlights (vs. year-ago, year-to-date results): Net sales increased 13.1% to $1,162.9 million.Gross margin percentage increased from 9.3% to 15.1% as compared to the prior year year-to-date mostly due to higher selling prices and higher sales volume in the first nine months of 2021. About Seneca Foods Corporation Seneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 1,600 American farms. Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries. Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips. Seneca’s common stock is traded on the Nasdaq Global Stock Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices. Non-GAAP Financial Measures—Operating Income Excluding LIFO and Plant Restructuring Impact, EBITDA and FIFO EBITDA Operating income excluding LIFO and plant restructuring, EBITDA and FIFO EBITDA are non-GAAP financial measures. The Company believes these non-GAAP financial measures provide a basis for comparison to companies that do not use LIFO or have plant restructuring to enhance the understanding of the Company’s historical operating performance. The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP. Set forth below is a reconciliation of reported Operating Income excluding LIFO and plant restructuring. Quarter Ended Nine Months Ended In millions In millions 12/26/2020 12/28/2019 12/26/2020 12/28/2019 FY 2021 FY 2020 FY 2021 FY 2020 Operating income, as reported:$90.6 $33.1 $148.5 $43.4 LIFO credit (4.7) (11.3) (4.3) (7.5) Plant restructuring (credit) charge (0.1) 0.8 0.2 6.7 Operating income, excluding LIFO and plant restructuring impact$85.8 $22.6 $144.4 $42.6 Set forth below is a reconciliation of reported net earnings to EBITDA and FIFO EBITDA (earnings before interest, income taxes, depreciation, amortization, non-cash charges and credits related to the LIFO inventory valuation method). The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP. Nine Months EndedEBITDA and FIFO EBITDA: December 26, 2020 December 28, 2019 (In thousands) Earnings from continuing operations$111,271 $30,166 Income tax expense 29,479 9,357 Interest expense, net of interest income 4,586 9,183 Depreciation and amortization 24,302 22,644 Interest amortization (206) (209)LIFO EBITDA 169,432 71,141 LIFO credit (4,268) (7,457)FIFO EBITDA$165,164 $63,684 Forward-Looking Information The information contained in this release contains, or may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this release and include statements regarding the intent, belief or current expectations of the Company or its officers (including statements preceded by, followed by or that include the words “believes,” “expects,” “anticipates” or similar expressions) with respect to various matters. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on such statements, which speak only as of the date the statements were made. Among the factors that could cause actual results to differ materially are: general economic and business conditions;cost and availability of commodities and other raw materials such as vegetables, steel and packaging materials;transportation costs;climate and weather affecting growing conditions and crop yields;availability of financing;leverage and the Company’s ability to service and reduce its debt;potential impact of COVID-19 related issues at our facilities;foreign currency exchange and interest rate fluctuations;effectiveness of the Company’s marketing and trade promotion programs;changing consumer preferences;competition;product liability claims;the loss of significant customers or a substantial reduction in orders from these customers;changes in, or the failure or inability to comply with, United States, foreign and local governmental regulations, including environmental and health and safety regulations; andother risks detailed from time to time in the reports filed by the Company with the SEC. Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of the filing of this report or to reflect the occurrence of unanticipated events. Contact: Timothy J. Benjamin, Chief Financial Officer315-926-8100 Seneca Foods CorporationUnaudited Selected Financial Data For the Periods Ended December 26, 2020 and December 28, 2019(In thousands of dollars, except share data) Third Quarter Year-to-Date Fiscal 2021 Fiscal 2020 Fiscal 2021 Fiscal 2020 Net sales$484,392 $392,971 $1,162,851 $1,027,898 Plant restructuring (credit) expense (note 2)$(118) $793 $169 $6,745 Other operating income, net (note 3)$35,351 $1,617 $33,716 $8,618 Operating income (note 1)$90,560 $33,115 $148,545 $43,443 Loss (income) from equity investment (728) - 752 - Other (income) loss (234) (1,656) 2,457 (5,263)Interest expense, net 1,531 2,690 4,586 9,183 Earnings from continuing operations before income taxes$89,991 $32,081 $140,750 $39,523 Income tax expense from continuing operations 17,531 7,653 29,479 9,357 Earnings from continuing operations 72,460 24,428 111,271 30,166 Earnings from discontinued operations (net of tax) - 955 - 955 Net earnings$72,460 $25,383 $111,271 $31,121 Basic earnings per share: Continuing operations$7.96 $2.65 $12.18 $3.23 Discontinued operations$- $0.10 $- $0.10 Net basic earnings per common share$7.96 $2.75 $12.18 $3.33 Diluted earnings per share: Continuing operations$7.90 $2.63 $12.09 $3.20 Discontinued operations$- $0.10 $- $0.10 Net diluted earnings per common share$7.90 $2.73 $12.09 $3.31 Note 1: The effect of the LIFO inventory valuation method on third quarter pre-tax results increased operating earnings by $4,656,000 for the three month period ended December 26, 2020 and increased operating earnings by $11,337,000 for the three month period ended December 28, 2019. The effect of the LIFO inventory valuation method on third quarter pre-tax results increased operating earnings by $4,268,000 for the nine month period ended December 26, 2020 and increased operating earnings by $7,457,000 for the nine month period ended December 28, 2019. Note 2: The nine month period ended December 26, 2020 included a restructuring charge of $169,000 primarily related to closed plants in the Northwest, of which $227,000 was related to severance and $44,000 was related to lease impairments partially offset by a $102,000 credit of a former grower payment. The nine month period ended December 28, 2019 included a restructuring charge of $6,745,000 primarily for lease impairments (including accelerated amortization of $5,266,000) and equipment moves for plants in the Midwest and Northwest. Note 3: During the nine months ended December 26, 2020, the Company recorded a gain of $35,660,000 from the sale of it's prepared food business, a loss of $405,000 on the disposal of equipment from a sold Northwest plant and a loss of $365,000 from the sale of unused fixed assets. The Company also recorded a charge of $1,174,000 for a supplemental early retirement plan. Other operating income for the nine months ended December 28, 2019 includes a gain on the partial sale of a plant in the Midwest and Northwest of $5,479,000 and a gain on the sale of unused fixed assets of $3,139,000. Note 4: The Company uses the "two-class" method for basic earnings per share by dividing the earnings attributable to common shareholders by the weighted average of common shares outstanding during the period.