Harvest Fund Management Co. Ltd Raises Stock Position in The Chefs' Warehouse, Inc. (NASDAQ:CHEF)

Key Points

• Harvest Fund Management Co. Ltd increased its stake in The Chefs' Warehouse by 103.1%, acquiring an additional 9,684 shares to bring its total ownership to 19,075 shares worth approximately $1,038,000.
• Chefs' Warehouse reported earnings of $0.25 per share for the quarter, exceeding estimates, with a revenue of $950.75 million, reflecting an 8.7% year-over-year increase.
• Institutional investors own 91.55% of the company's stock, with significant increases in holdings from firms like Wellington Management Group and Massachusetts Financial Services during the last quarters.

Harvest Fund Management Co. Ltd boosted its holdings in The Chefs' Warehouse, Inc. (NASDAQ:CHEF - Free Report) by 103.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,075 shares of the company's stock after buying an additional 9,684 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Chefs' Warehouse were worth $1,038,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Greenhouse Funds LLLP increased its holdings in Chefs' Warehouse by 3.3% in the fourth quarter. Greenhouse Funds LLLP now owns 2,452,981 shares of the company's stock valued at $120,981,000 after buying an additional 77,894 shares during the last quarter. Wellington Management Group LLP increased its holdings in Chefs' Warehouse by 193.1% in the fourth quarter. Wellington Management Group LLP now owns 2,445,626 shares of the company's stock valued at $120,618,000 after buying an additional 1,611,240 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in Chefs' Warehouse in the first quarter valued at $42,866,000. Kennedy Capital Management LLC increased its holdings in Chefs' Warehouse by 25.0% in the fourth quarter. Kennedy Capital Management LLC now owns 754,637 shares of the company's stock valued at $37,219,000 after buying an additional 151,159 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in Chefs' Warehouse by 49.0% in the fourth quarter. Ameriprise Financial Inc. now owns 423,528 shares of the company's stock valued at $20,888,000 after buying an additional 139,240 shares during the last quarter. Hedge funds and other institutional investors own 91.55% of the company's stock.

Chefs' Warehouse Stock Performance

Shares of CHEF traded up $5.36 during mid-day trading on Wednesday, hitting $66.92. 1,097,554 shares of the company's stock were exchanged, compared to its average volume of 466,650. The Chefs' Warehouse, Inc. has a fifty-two week low of $35.59 and a fifty-two week high of $68.59. The firm has a market capitalization of $2.72 billion, a P/E ratio of 44.32 and a beta of 1.74. The business's 50 day moving average is $63.37 and its two-hundred day moving average is $58.86. The company has a current ratio of 2.05, a quick ratio of 1.27 and a debt-to-equity ratio of 1.26.

Chefs' Warehouse (NASDAQ:CHEF - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.07. Chefs' Warehouse had a net margin of 1.65% and a return on equity of 13.15%. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the firm earned $0.40 earnings per share. The business's quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities analysts expect that The Chefs' Warehouse, Inc. will post 1.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Wall Street Zen upgraded shares of Chefs' Warehouse from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. BTIG Research restated a "buy" rating on shares of Chefs' Warehouse in a research note on Friday, May 23rd. Finally, UBS Group upped their price objective on shares of Chefs' Warehouse from $68.00 to $72.00 and gave the company a "buy" rating in a research note on Monday. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, Chefs' Warehouse presently has a consensus rating of "Buy" and an average target price of $68.20.

Insider Buying and Selling

In related news, CAO Tim Mccauley sold 17,500 shares of the firm's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $65.07, for a total value of $1,138,725.00. Following the completion of the sale, the chief accounting officer owned 52,050 shares in the company, valued at $3,386,893.50. This trade represents a 25.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 11.90% of the stock is currently owned by insiders.

Chefs' Warehouse Company Profile

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.