State Street Corp Cuts Holdings in The Chefs’ Warehouse, Inc. (NASDAQ:CHEF)

State Street Corp decreased its holdings in The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) by 0.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,379,296 shares of the company’s stock after selling 2,255 shares during the period. State Street Corp owned about 3.49% of Chefs’ Warehouse worth $57,944,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Nisa Investment Advisors LLC increased its holdings in Chefs’ Warehouse by 1,089.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 690 shares of the company’s stock worth $27,000 after buying an additional 632 shares in the last quarter. Quarry LP bought a new stake in shares of Chefs’ Warehouse in the second quarter worth approximately $54,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Chefs’ Warehouse during the second quarter valued at approximately $55,000. ORG Wealth Partners LLC bought a new position in Chefs’ Warehouse during the third quarter valued at approximately $130,000. Finally, Canada Pension Plan Investment Board bought a new position in Chefs’ Warehouse during the second quarter valued at approximately $160,000. Hedge funds and other institutional investors own 91.55% of the company’s stock.

Chefs’ Warehouse Trading Down 2.8 %

Shares of Chefs’ Warehouse stock opened at $47.55 on Thursday. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.85 and a quick ratio of 1.06. The stock has a market capitalization of $1.88 billion, a PE ratio of 41.71 and a beta of 2.33. The Chefs’ Warehouse, Inc. has a 1-year low of $27.64 and a 1-year high of $49.78. The company’s fifty day simple moving average is $43.23 and its 200-day simple moving average is $41.15.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. BMO Capital Markets lifted their target price on shares of Chefs’ Warehouse from $50.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Lake Street Capital lifted their price objective on Chefs’ Warehouse from $48.00 to $60.00 and gave the stock a “buy” rating in a report on Monday. Finally, Jefferies Financial Group increased their target price on Chefs’ Warehouse from $53.00 to $58.00 and gave the company a “buy” rating in a report on Monday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $53.40.

Insider Activity at Chefs’ Warehouse

In other news, General Counsel Alexandros Aldous sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $45.00, for a total value of $225,000.00. Following the completion of the sale, the general counsel now directly owns 114,342 shares of the company’s stock, valued at $5,145,390. This represents a 4.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO James Leddy sold 4,000 shares of Chefs’ Warehouse stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $48.85, for a total transaction of $195,400.00. Following the transaction, the chief financial officer now owns 145,589 shares in the company, valued at approximately $7,112,022.65. This trade represents a 2.67 % decrease in their position. The disclosure for this sale can be found here. 11.90% of the stock is owned by company insiders.

About Chefs’ Warehouse

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.