The Chefs' Warehouse, Inc. $CHEF Shares Acquired by Penn Capital Management Company LLC

Key Points

• Penn Capital Management increased its stake in Chefs' Warehouse by 14.7% in the fourth quarter, adding 34,011 shares to bring its total to 264,614 shares worth about $16.5 million.
• Insider selling was notable, including a 125,000-share sale by CEO Christopher Pappas and a 29,500-share sale by General Counsel Alexandros Aldous; insiders have sold 261,309 shares over the past 90 days.
• Chefs' Warehouse reported strong quarterly results, beating EPS and revenue estimates with $0.40 EPS and $1.06 billion in revenue, while analysts currently rate the stock a consensus Moderate Buy with an average target price of $80.83.

Penn Capital Management Company LLC grew its position in shares of The Chefs' Warehouse, Inc. (NASDAQ:CHEF - Free Report) by 14.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 264,614 shares of the company's stock after purchasing an additional 34,011 shares during the quarter. Chefs' Warehouse makes up about 1.3% of Penn Capital Management Company LLC's portfolio, making the stock its 24th biggest holding. Penn Capital Management Company LLC owned 0.65% of Chefs' Warehouse worth $16,538,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Hantz Financial Services Inc. increased its holdings in shares of Chefs' Warehouse by 229.5% during the 4th quarter. Hantz Financial Services Inc. now owns 458 shares of the company's stock valued at $29,000 after purchasing an additional 319 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in shares of Chefs' Warehouse by 515.3% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 523 shares of the company's stock valued at $31,000 after purchasing an additional 438 shares in the last quarter. Global Retirement Partners LLC purchased a new position in shares of Chefs' Warehouse during the 4th quarter valued at approximately $31,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Chefs' Warehouse during the 3rd quarter valued at approximately $39,000. Finally, Osaic Holdings Inc. increased its holdings in shares of 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 purchasing an additional 188 shares in the last quarter. 91.55% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Chefs' Warehouse

In related news, General Counsel Alexandros Aldous sold 29,500 shares of the stock in a transaction on Friday, February 27th. The stock was sold at an average price of $71.22, for a total value of $2,100,990.00. Following the completion of the transaction, the general counsel directly owned 72,017 shares of the company's stock, valued at approximately $5,129,050.74. This represents a 29.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher Pappas sold 125,000 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $78.00, for a total value of $9,750,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,189,453 shares of the company's stock, valued at approximately $170,777,334. This represents a 5.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 261,309 shares of company stock valued at $18,641,642 over the last ninety days. Insiders own 11.10% of the company's stock.

Analyst Ratings Changes

CHEF has been the subject of several recent research reports. Wall Street Zen raised shares of Chefs' Warehouse from a "hold" rating to a "buy" rating in a report on Saturday, May 2nd. Morgan Stanley reaffirmed an "overweight" rating and set a $83.00 target price on shares of Chefs' Warehouse in a report on Thursday, April 30th. UBS Group cut their target price on shares of Chefs' Warehouse from $83.00 to $80.00 and set a "buy" rating for the company in a report on Thursday, April 23rd. BTIG Research lifted their target price on shares of Chefs' Warehouse from $74.00 to $82.00 and gave the company a "buy" rating in a report on Thursday, April 30th. Finally, Weiss Ratings lowered shares of Chefs' Warehouse from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $80.83.

Chefs' Warehouse Price Performance

Shares of NASDAQ CHEF opened at $76.88 on Wednesday. The firm has a market cap of $3.14 billion, a PE ratio of 42.71 and a beta of 1.47. The firm has a fifty day moving average of $68.17 and a 200 day moving average of $65.08. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.33 and a current ratio of 2.18. The Chefs' Warehouse, Inc. has a one year low of $53.20 and a one year high of $82.81.

Chefs' Warehouse (NASDAQ:CHEF - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.23 by $0.17. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.01 billion. Chefs' Warehouse had a net margin of 1.87% and a return on equity of 15.54%. The firm's revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 EPS. As a group, research analysts predict that The Chefs' Warehouse, Inc. will post 2.37 EPS for the current fiscal year.

Chefs' Warehouse Profile

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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