Penn Capital Management Company LLC Lowers Stake in The Chefs’ Warehouse, Inc. $CHEF

Penn Capital Management Company LLC lessened its stake in The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) by 48.8% in the 2nd quarter, Holdings Channel reports. The firm owned 137,839 shares of the company’s stock after selling 131,380 shares during the period. Penn Capital Management Company LLC’s holdings in Chefs’ Warehouse were worth $13,273,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. lifted its stake in Chefs’ Warehouse by 229.5% during the fourth quarter. Hantz Financial Services Inc. now owns 458 shares of the company’s stock worth $29,000 after purchasing an additional 319 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in shares of Chefs’ Warehouse by 515.3% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 523 shares of the company’s stock valued at $31,000 after buying an additional 438 shares during the period. Global Retirement Partners LLC acquired a new position in Chefs’ Warehouse during the 4th quarter worth about $31,000. Public Employees Retirement System of Ohio acquired a new position in Chefs’ Warehouse during the 2nd quarter worth about $34,000. Finally, Osaic Holdings Inc. boosted its holdings in Chefs’ Warehouse by 30.7% during the 2nd quarter. Osaic Holdings Inc. now owns 800 shares of the company’s stock valued at $51,000 after acquiring an additional 188 shares during the period. Hedge funds and other institutional investors own 91.55% of the company’s stock.

Chefs’ Warehouse Stock Up 3.4%

Shares of NASDAQ:CHEF opened at $115.00 on Friday. The Chefs’ Warehouse, Inc. has a fifty-two week low of $53.20 and a fifty-two week high of $117.33. The firm’s 50 day moving average price is $102.78 and its 200 day moving average price is $82.13. The company has a quick ratio of 1.31, a current ratio of 2.15 and a debt-to-equity ratio of 1.07. The stock has a market cap of $4.69 billion, a price-to-earnings ratio of 54.76 and a beta of 1.39.

Chefs’ Warehouse (NASDAQ:CHEF) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.59 by $0.19. Chefs’ Warehouse had a net margin of 2.09% and a return on equity of 16.95%. The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the previous year, the business posted $0.52 EPS. The firm’s revenue was up 12.9% on a year-over-year basis. As a group, equities research analysts predict that The Chefs’ Warehouse, Inc. will post 2.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. TD Cowen increased their price target on shares of Chefs’ Warehouse from $110.00 to $123.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. UBS Group increased their target price on shares of Chefs’ Warehouse from $114.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Morgan Stanley boosted their price target on shares of Chefs’ Warehouse from $97.00 to $104.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 30th. BTIG Research increased their price objective on Chefs’ Warehouse from $100.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Finally, Zacks Research upgraded Chefs’ Warehouse from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Chefs’ Warehouse has an average rating of “Buy” and an average price target of $114.33.

Insider Transactions at Chefs’ Warehouse

In related news, General Counsel Alexandros Aldous sold 35,000 shares of the business’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $110.97, for a total transaction of $3,883,950.00. Following the completion of the transaction, the general counsel owned 34,442 shares in the company, valued at approximately $3,822,028.74. The trade was a 50.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Christopher Pappas sold 100,000 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $110.11, for a total value of $11,011,000.00. Following the transaction, the chief executive officer directly owned 2,105,480 shares of the company’s stock, valued at approximately $231,834,402.80. This represents a 4.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 137,752 shares of company stock valued at $15,203,174. Insiders own 11.10% of the company’s stock.

About Chefs’ Warehouse

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.