Great Lakes Advisors LLC acquired a new stake in The Chefs’ Warehouse, Inc. (NASDAQ:CHEF – Free Report) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 17,762 shares of the company’s stock, valued at approximately $1,707,000.
Several other hedge funds have also recently added to or reduced their stakes in the business. Summit Creek Advisors LLC purchased a new position in shares of Chefs’ Warehouse during the 2nd quarter worth approximately $7,781,000. Deutsche Bank AG purchased a new stake in Chefs’ Warehouse in the 2nd quarter valued at approximately $6,502,000. TimesSquare Capital Management LLC purchased a new stake in Chefs’ Warehouse in the 2nd quarter valued at approximately $37,619,000. Global Retirement Partners LLC acquired a new stake in Chefs’ Warehouse during the 2nd quarter valued at $48,000. Finally, Bank of New York Mellon Corp acquired a new stake in Chefs’ Warehouse during the 2nd quarter valued at $22,116,000. 91.55% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
CHEF has been the subject of several recent research reports. Morgan Stanley raised their price target on Chefs’ Warehouse from $97.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. Weiss Ratings upgraded Chefs’ Warehouse from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, August 12th. UBS Group lifted their price objective on Chefs’ Warehouse from $114.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Wall Street Zen raised shares of Chefs’ Warehouse from a “hold” rating to a “buy” rating in a research note on Saturday, July 18th. Finally, TD Cowen upped their target price on shares of Chefs’ Warehouse from $110.00 to $123.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Chefs’ Warehouse currently has an average rating of “Moderate Buy” and an average target price of $107.43.
Insider Activity
In related news, CEO Christopher Pappas sold 100,000 shares of the stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $110.11, for a total transaction of $11,011,000.00. Following the transaction, the chief executive officer directly owned 2,105,480 shares in the company, valued at approximately $231,834,402.80. This represents a 4.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Christina Polychroni sold 2,752 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $112.00, for a total value of $308,224.00. Following the completion of the sale, the insider directly owned 22,014 shares in the company, valued at approximately $2,465,568. The trade was a 11.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 137,752 shares of company stock valued at $15,203,174 over the last quarter. Company insiders own 11.10% of the company’s stock.
Chefs’ Warehouse Stock Up 1.6%
CHEF stock opened at $110.61 on Friday. The stock has a market capitalization of $4.51 billion, a P/E ratio of 52.67 and a beta of 1.39. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.31 and a current ratio of 2.15. The Chefs’ Warehouse, Inc. has a one year low of $53.20 and a one year high of $117.33. The company has a 50 day moving average price of $100.92 and a two-hundred day moving average price of $80.44.
Chefs’ Warehouse (NASDAQ:CHEF – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.19. Chefs’ Warehouse had a return on equity of 16.95% and a net margin of 2.09%.The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the prior year, the company posted $0.52 EPS. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, sell-side analysts expect that The Chefs’ Warehouse, Inc. will post 2.54 EPS for the current year.
Chefs’ Warehouse Company Profile
Chefs’ Warehouse, Inc is a specialty food distributor that supplies a broad range of high‐end ingredients and culinary products to professional chefs, restaurants, hotels, and other foodservice operators. Headquartered in Maspeth, New York, the company sources its portfolio from local artisans, boutique producers and leading global suppliers. Its core offerings include fresh and frozen proteins, specialty cuts of meat and seafood, handcrafted cheeses and charcuterie, seasonal produce, value‐added preparations, pantry staples and premium desserts and beverages.
The company operates a network of distribution centers strategically located in major metropolitan markets across North America.
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