Hudson Bay Capital Management LP Acquires New Holdings in The Chefs’ Warehouse, Inc. $CHEF

Hudson Bay Capital Management LP bought a new stake in The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 87,760 shares of the company’s stock, valued at approximately $5,600,000.

Several other hedge funds have also modified their holdings of the company. Hennessy Advisors Inc. purchased a new stake in Chefs’ Warehouse during the second quarter valued at approximately $11,805,000. Northern Trust Corp grew its holdings in Chefs’ Warehouse by 4.1% in the first quarter. Northern Trust Corp now owns 431,265 shares of the company’s stock worth $23,487,000 after purchasing an additional 16,821 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Chefs’ Warehouse by 362.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 429,124 shares of the company’s stock worth $27,382,000 after purchasing an additional 336,357 shares in the last quarter. Intech Investment Management LLC increased its position in shares of Chefs’ Warehouse by 48.0% during the second quarter. Intech Investment Management LLC now owns 25,049 shares of the company’s stock worth $1,598,000 after purchasing an additional 8,128 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Chefs’ Warehouse during the first quarter worth $696,000. 91.55% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CHEF has been the topic of several research analyst reports. Piper Sandler started coverage on Chefs’ Warehouse in a research note on Wednesday, August 27th. They set a “neutral” rating and a $66.00 target price on the stock. UBS Group raised their price target on Chefs’ Warehouse from $78.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Wall Street Zen downgraded shares of Chefs’ Warehouse from a “buy” rating to a “hold” rating in a report on Friday, October 3rd. Weiss Ratings cut shares of Chefs’ Warehouse from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. Finally, Benchmark restated a “buy” rating on shares of Chefs’ Warehouse in a research note on Friday. Seven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $71.88.

Chefs’ Warehouse Price Performance

NASDAQ:CHEF opened at $63.29 on Tuesday. The firm’s fifty day moving average is $59.82 and its two-hundred day moving average is $61.95. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 37.23 and a beta of 1.30. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.19 and a current ratio of 2.14. The Chefs’ Warehouse, Inc. has a one year low of $45.00 and a one year high of $68.94.

Chefs’ Warehouse (NASDAQ:CHEF) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.07. Chefs’ Warehouse had a return on equity of 14.11% and a net margin of 1.85%.The business had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $986.36 million. During the same quarter in the previous year, the firm posted $0.36 EPS. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. Research analysts expect that The Chefs’ Warehouse, Inc. will post 1.73 EPS for the current year.

Insider Activity at Chefs’ Warehouse

In related news, CFO James Leddy sold 22,000 shares of Chefs’ Warehouse stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $62.11, for a total value of $1,366,420.00. Following the completion of the transaction, the chief financial officer owned 125,892 shares in the company, valued at $7,819,152.12. The trade was a 14.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 11.50% of the stock is owned by company insiders.

About Chefs’ Warehouse

The Chefs’ Warehouse, Inc, together with its subsidiaries, distributes specialty food and center-of-the-plate products in the United States, the Middle East, and Canada. The company’s product portfolio includes specialty food products, such as artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate, and pastry products; and center-of-the-plate products consisting of custom cut beef, seafood, and hormone-free poultry, as well as broadline food products comprising cooking oils, butter, eggs, milk, and flour.