Chefs’ Warehouse (NASDAQ:CHEF) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Chefs’ Warehouse (NASDAQ:CHEF) from a sell rating to a hold rating in a report issued on Tuesday morning, 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. “

Several other research firms also recently issued reports on CHEF. ValuEngine raised shares of Chefs’ Warehouse from a hold rating to a buy rating in a research note on Thursday, October 31st. BidaskClub raised shares of Chefs’ Warehouse from a buy rating to a strong-buy rating in a research note on Friday, November 15th. Finally, CL King began coverage on shares of Chefs’ Warehouse in a research note on Monday, November 11th. They issued a buy rating and a $41.00 price objective on the stock. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Chefs’ Warehouse presently has an average rating of Buy and a consensus price target of $37.77.

NASDAQ CHEF traded up $0.63 during trading hours on Tuesday, reaching $33.37. The company’s stock had a trading volume of 1,309,871 shares, compared to its average volume of 188,454. The firm has a fifty day simple moving average of $36.48 and a 200-day simple moving average of $35.98. The stock has a market cap of $1.06 billion, a P/E ratio of 42.79, a P/E/G ratio of 2.36 and a beta of 0.69. Chefs’ Warehouse has a 52 week low of $29.56 and a 52 week high of $42.06. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.35 and a quick ratio of 1.47.

Chefs’ Warehouse (NASDAQ:CHEF) last posted its earnings results on Wednesday, October 30th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). Chefs’ Warehouse had a return on equity of 8.79% and a net margin of 1.42%. The business had revenue of $396.90 million for the quarter, compared to analyst estimates of $396.42 million. During the same quarter in the prior year, the business earned $0.19 earnings per share. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. On average, research analysts expect that Chefs’ Warehouse will post 0.99 earnings per share for the current year.

In other news, Vice Chairman John Pappas sold 44,757 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $36.61, for a total value of $1,638,553.77. Following the completion of the sale, the insider now owns 1,359,358 shares of the company’s stock, valued at $49,766,096.38. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 15.90% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of CHEF. CAPROCK Group Inc. acquired a new stake in shares of Chefs’ Warehouse during the second quarter worth $251,000. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Chefs’ Warehouse during the second quarter valued at $487,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Chefs’ Warehouse by 75.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,795 shares of the company’s stock worth $133,000 after acquiring an additional 1,635 shares during the period. First Trust Advisors LP acquired a new stake in Chefs’ Warehouse during the 2nd quarter worth about $2,234,000. Finally, AGF Investments Inc. grew its holdings in Chefs’ Warehouse by 44.1% during the 2nd quarter. AGF Investments Inc. now owns 310,784 shares of the company’s stock worth $10,899,000 after acquiring an additional 95,184 shares during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.

About Chefs’ Warehouse

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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