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Is Seneca Foods Corp (SENEA) A Good Stock to Buy?

Since Seneca Foods Corp (NASDAQ:SENEA) has sustained falling interest from the aggregate hedge fund industry, it’s easy to see that there lies a certain “tier” of hedge funds who were dropping their full holdings heading into Q4. It’s worth mentioning that Neil Chriss’ Hutchin Hill Capital said goodbye to the largest position of all the hedgies watched by Insider Monkey, totaling about $0.3 million in stock. Gavin Saitowitz and Cisco J. del Valle’s fund, Springbok Capital, also said goodbye to its stock, about $0.1 million worth.

Let’s also examine hedge fund activity in other stocks similar to Seneca Foods Corp (NASDAQ:SENEA). We will take a look at Territorial Bancorp Inc (NASDAQ:TBNK), Golden Star Resources Ltd. (USA) (NYSEAMEX:GSS), San Juan Basin Royalty Trust (NYSE:SJT), and Oil-Dri Corporation of America (NYSE:ODC). This group of stocks’ market caps resemble SENEA’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
TBNK 5 18671 0
GSS 9 13576 5
SJT 6 9223 -1
ODC 5 43673 0

As you can see these stocks had an average of 6 hedge funds with bullish positions and the average amount invested in these stocks was $21 million. That figure was $14 million in SENEA’s case. Golden Star Resources Ltd. (USA) (NYSEAMEX:GSS) is the most popular stock in this table. On the other hand Territorial Bancorp Inc (NASDAQ:TBNK) is the least popular one with only 5 bullish hedge fund positions. Seneca Foods Corp (NASDAQ:SENEA) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard GSS might be a better candidate to consider taking a long position in.

Disclosure: None