Zacks Investment Research Upgrades Chefs’ Warehouse (NASDAQ:CHEF) to Hold

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Chefs’ Warehouse (NASDAQ:CHEF) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Chefs’ Warehouse Holdings, LLC is a distributor of specialty food products in the United States. The Company is focused on serving the specific needs of chefs who own and/or operate restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools and specialty food stores. Its product portfolio includes artisan charcuterie, specialty cheeses, unique oils and vinegars, hormone-free protein, truffles, caviar, and chocolate. It also offers cooking oils, butter, eggs, milk, and flour. Chefs’ Warehouse Holdings, LLC is based in Ridgefield, Connecticut. “

CHEF has been the subject of a number of other research reports. TheStreet upgraded Chefs’ Warehouse from a “c+” rating to a “b-” rating in a research report on Friday, July 5th. Barclays reiterated a “hold” rating on shares of Chefs’ Warehouse in a research report on Sunday, May 5th. BMO Capital Markets upgraded Chefs’ Warehouse from a “market perform” rating to an “outperform” rating and set a $33.31 price objective for the company in a research report on Wednesday, May 1st. Finally, BidaskClub upgraded Chefs’ Warehouse from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 6th. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $37.10.

Shares of CHEF stock traded down $0.91 during mid-day trading on Wednesday, reaching $36.95. The stock had a trading volume of 143,236 shares, compared to its average volume of 168,824. Chefs’ Warehouse has a 12-month low of $27.85 and a 12-month high of $39.26. The firm has a market capitalization of $1.11 billion, a P/E ratio of 47.37, a P/E/G ratio of 2.49 and a beta of 0.81. The firm’s 50-day moving average is $35.59. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.40 and a current ratio of 2.28.

Chefs’ Warehouse (NASDAQ:CHEF) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.03. Chefs’ Warehouse had a return on equity of 8.55% and a net margin of 1.44%. The business had revenue of $411.40 million during the quarter, compared to analysts’ expectations of $410.13 million. During the same quarter last year, the business posted $0.24 earnings per share. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, equities analysts forecast that Chefs’ Warehouse will post 1.01 EPS for the current fiscal year.

In other Chefs’ Warehouse news, insider Tim Mccauley sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $33.99, for a total value of $33,990.00. Following the sale, the insider now directly owns 13,931 shares of the company’s stock, valued at approximately $473,514.69. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 15.90% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System lifted its stake in shares of Chefs’ Warehouse by 4.9% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 11,411 shares of the company’s stock valued at $400,000 after purchasing an additional 530 shares in the last quarter. Texas Permanent School Fund increased its holdings in Chefs’ Warehouse by 3.8% during the 1st quarter. Texas Permanent School Fund now owns 15,669 shares of the company’s stock worth $487,000 after purchasing an additional 568 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Chefs’ Warehouse by 57.0% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,160 shares of the company’s stock worth $67,000 after purchasing an additional 784 shares during the last quarter. C M Bidwell & Associates Ltd. purchased a new stake in Chefs’ Warehouse during the 2nd quarter worth approximately $45,000. Finally, JPMorgan Chase & Co. increased its holdings in Chefs’ Warehouse by 25.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,632 shares of the company’s stock worth $225,000 after purchasing an additional 1,327 shares during the last quarter. 82.94% of the stock is currently owned by institutional investors and hedge funds.

Chefs’ Warehouse Company Profile

The Chefs' Warehouse, Inc, together with its subsidiaries, distributes specialty food products in the United States and Canada. Its product portfolio includes approximately 55,000 stock-keeping units comprising specialty food products, such as artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate, and pastry products.

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