Chefs’ Warehouse (NASDAQ:CHEF) Stock Rating Lowered by Zacks Investment Research

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

A number of other brokerages have also recently commented on CHEF. Benchmark assumed coverage on shares of Chefs’ Warehouse in a report on Friday, December 17th. They set a “buy” rating and a $41.00 target price for the company. TheStreet raised shares of Chefs’ Warehouse from a “d+” rating to a “c-” rating in a report on Monday, October 18th. Finally, Wolfe Research assumed coverage on shares of Chefs’ Warehouse in a report on Thursday, September 30th. They set an “outperform” rating and a $38.00 target price for the company. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $39.40.

CHEF opened at $32.69 on Thursday. The company has a quick ratio of 1.76, a current ratio of 2.48 and a debt-to-equity ratio of 1.16. The firm has a 50 day moving average price of $32.61 and a 200-day moving average price of $31.26. Chefs’ Warehouse has a twelve month low of $25.60 and a twelve month high of $37.85. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of -23.52 and a beta of 2.29.

Chefs’ Warehouse (NASDAQ:CHEF) last released its quarterly earnings data on Tuesday, October 26th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.04. Chefs’ Warehouse had a negative net margin of 3.43% and a negative return on equity of 9.28%. The firm had revenue of $484.30 million during the quarter, compared to analysts’ expectations of $450.08 million. During the same period in the previous year, the company earned ($0.38) earnings per share. The firm’s quarterly revenue was up 90.7% on a year-over-year basis. As a group, analysts expect that Chefs’ Warehouse will post -0.16 earnings per share for the current year.

In other Chefs’ Warehouse news, CFO James Leddy sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 3rd. The shares were sold at an average price of $37.00, for a total value of $37,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Christopher Pappas sold 300,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 9th. The stock was sold at an average price of $35.32, for a total transaction of $10,596,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 302,000 shares of company stock valued at $10,668,000. Company insiders own 14.70% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Alliancebernstein L.P. boosted its position in shares of Chefs’ Warehouse by 61.9% during the third quarter. Alliancebernstein L.P. now owns 2,447,790 shares of the company’s stock worth $79,725,000 after acquiring an additional 935,649 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Chefs’ Warehouse by 0.9% during the second quarter. Vanguard Group Inc. now owns 2,264,923 shares of the company’s stock worth $72,092,000 after acquiring an additional 20,203 shares during the last quarter. State Street Corp boosted its position in shares of Chefs’ Warehouse by 3.8% during the second quarter. State Street Corp now owns 1,073,610 shares of the company’s stock worth $34,173,000 after acquiring an additional 39,166 shares during the last quarter. Wasatch Advisors Inc. boosted its position in shares of Chefs’ Warehouse by 33.7% during the third quarter. Wasatch Advisors Inc. now owns 988,131 shares of the company’s stock worth $32,183,000 after acquiring an additional 249,330 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC boosted its position in shares of Chefs’ Warehouse by 24.6% during the second quarter. Silvercrest Asset Management Group LLC now owns 761,013 shares of the company’s stock worth $24,223,000 after acquiring an additional 150,171 shares during the last quarter. Hedge funds and other institutional investors own 85.18% of the company’s stock.

Chefs’ Warehouse Company Profile

The Chefs’ Warehouse, Inc engages in the distribution of specialty food products. It focuses on serving the specific needs of chefs who own and operate some of the menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolatiers, cruise lines, casinos and specialty food stores.

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