Penn Capital Management Company LLC Cuts Stock Position in The Chefs' Warehouse, Inc. $CHEF

Key Points

• Penn Capital Management cut its Chefs' Warehouse stake by 48.8% in the second quarter, selling 131,380 shares and retaining 137,839 shares worth approximately $13.3 million. Institutional investors own 91.55% of the company.
• Chefs' Warehouse reported quarterly EPS of $0.78, exceeding the $0.59 analyst consensus, while revenue rose 12.9% year over year to $1.17 billion. The stock opened at $115, near its 12-month high of $117.33.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and a $114.33 price target; however, company insiders sold 137,752 shares worth about $15.2 million during the latest quarter.

Penn Capital Management Company LLC cut its stake in shares of The Chefs' Warehouse, Inc. (NASDAQ:CHEF - Free Report) by 48.8% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 137,839 shares of the company's stock after selling 131,380 shares during the period. Penn Capital Management Company LLC owned about 0.34% of Chefs' Warehouse worth $13,273,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. HighTower Advisors LLC increased its stake in shares of Chefs' Warehouse by 1.7% during the fourth quarter. HighTower Advisors LLC now owns 9,536 shares of the company's stock worth $594,000 after purchasing an additional 161 shares in the last quarter. Osaic Holdings Inc. lifted its stake in Chefs' Warehouse by 30.7% in the 2nd quarter. Osaic Holdings Inc. now owns 800 shares of the company's stock valued at $51,000 after buying an additional 188 shares in the last quarter. CWM LLC lifted its stake in Chefs' Warehouse by 10.5% in the 4th quarter. CWM LLC now owns 2,133 shares of the company's stock valued at $133,000 after buying an additional 203 shares in the last quarter. Tidal Investments LLC boosted its holdings in Chefs' Warehouse by 4.9% in the 2nd quarter. Tidal Investments LLC now owns 4,341 shares of the company's stock worth $277,000 after buying an additional 204 shares during the last quarter. Finally, ProShare Advisors LLC boosted its holdings in Chefs' Warehouse by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 7,089 shares of the company's stock worth $442,000 after buying an additional 220 shares during the last quarter. 91.55% of the stock is owned by hedge funds and other institutional investors.

Chefs' Warehouse Stock Up 3.4%

CHEF stock opened at $115.00 on Friday. The company has a current ratio of 2.15, a quick ratio of 1.31 and a debt-to-equity ratio of 1.07. The firm has a 50-day moving average of $102.78 and a two-hundred day moving average of $82.13. The Chefs' Warehouse, Inc. has a 12 month low of $53.20 and a 12 month high of $117.33. The company 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 - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.19. Chefs' Warehouse had a return on equity of 16.95% and a net margin of 2.09%.The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the business earned $0.52 earnings per share. The business's revenue was up 12.9% compared to the same quarter last year. As a group, analysts forecast that The Chefs' Warehouse, Inc. will post 2.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on CHEF shares. Wall Street Zen raised Chefs' Warehouse from a "hold" rating to a "buy" rating in a report on Saturday, July 18th. TD Cowen lifted their price target on Chefs' Warehouse from $110.00 to $123.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Morgan Stanley lifted their price target on Chefs' Warehouse from $97.00 to $104.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 30th. Weiss Ratings upgraded Chefs' Warehouse from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, August 12th. Finally, Benchmark increased their price objective on Chefs' Warehouse from $106.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Chefs' Warehouse currently has a consensus rating of "Buy" and a consensus target price of $114.33.

Insider Activity

In other news, General Counsel Alexandros Aldous sold 35,000 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $110.97, for a total value of $3,883,950.00. Following the completion of the sale, the general counsel owned 34,442 shares of the company's stock, valued at $3,822,028.74. This represents a 50.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Christina Polychroni sold 2,752 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $112.00, for a total transaction of $308,224.00. Following the completion of the sale, the insider directly owned 22,014 shares of the company's stock, valued at approximately $2,465,568. This trade represents a 11.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 137,752 shares of company stock valued at $15,203,174. 11.10% of the stock is currently owned by insiders.

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.

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