Geode Capital Management LLC recently announced the acquisition of new stake in Tanger Factory Outlet Centers Inc. (NYSE:SKT). The institutional investor has increased its shareholding in the Real Estate company by 2.29% to 1.69 million shares with purchase of 37814.0 shares. This fresh investment now brings its stake to 1.81% valued currently at $10.85 million. In addition, Global X Management Co. LLC raised its holdings by 0.67 million to 1.34 million shares.
With over 2.22 million Tanger Factory Outlet Centers Inc. (SKT) shares trading Tuesday and a closing price of $5.56 on the day, the dollar volume was approximately $12.33 million. The shares have shown a negative weekly performance of -7.33% and its price on 09/01/20 lost nearly -2.28%. Currently, there are 92.63M common shares owned by the public and among those 91.04M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for SKT have a consensus price objective of $5.53. The analysts have set the share’s price value over the next 12 months at a high of $8.00 and a low of $3.50 should the stock experience a downside. Incidentally, analysts’ outlook for the Tanger Factory Outlet Centers Inc. stock is 3.90 for the next 12 months. The average price target is 5.6% above its last price level and an upside to the estimated low will see the stock lose -58.86% over that period. But an upside of 30.5% will see the stock hit the forecast high price target while mean target price for the stock is $5.50.
Insiders at the company have transacted a total of 32 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 22 of these insider trades were purchases, accounting for 721,149 shares. Insider sales of the common stock occurred on 10 occasions, with total insider shares sold totaling 104,633 shares.
The top 3 mutual fund holders in Tanger Factory Outlet Centers Inc. are iShares Core S&P Small Cap ETF, Vanguard Real Estate Index Fund, and Vanguard Total Stock Market Index. iShares Core S&P Small Cap ETF owns 5.83 million shares of the company’s stock, all valued at over $37.51 million. The company bought an additional 57908.0 shares recently to bring their total holdings to about 6.24% of the shares outstanding. Vanguard Real Estate Index Fund sold 12002.0 shares to see its total holdings shrink to 4.15 million shares valued at over $26.66 million and representing 4.44% of the shares outstanding. Vanguard Total Stock Market Index sold -0.12 million shares to bring its total holdings to over 2.5 million shares at a value of $16.1 million. Vanguard Total Stock Market Index now owns shares totaling to 2.68% of the shares outstanding.
Shares of Tanger Factory Outlet Centers Inc. (NYSE: SKT) opened at $5.63, down -$0.06 from a prior closing price of $5.69. However, the script later closed the day at $5.56, down -2.28%. The company’s stock has a 5-day price change of -7.33% and -24.97% over the past three months. SKT shares are trading -62.25% year to date (YTD), with the 12-month market performance down to -61.23% lower. It has a 12-month low price of $4.05 and touched a high of $17.94 over the same period. Currently, 2.22 million shares have been traded, compared to an average intraday trading volume of 3.31 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -9.43%, -14.63%, and -42.70% respectively.
Institutional ownership of Tanger Factory Outlet Centers Inc. (NYSE: SKT) shares accounts for 82.30% of the company’s 92.63M shares outstanding. Mutual fund holders own 4.99%, while other institutional holders and individual stakeholders account for 45.23% and 36.42% respectively.
It has a market capitalization of $507.52M and a beta (3y monthly) value of 1.75. The earnings-per-share (ttm) stands at -$0.41. The company has a debt-to-equity ratio at 6.27. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.83% over the week and 4.92% over the month.
Analysts forecast that Tanger Factory Outlet Centers Inc. (SKT) will achieve an EPS of $Tanger Factory Outlet Centers, for the current quarter, $5.57 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $SPT while analysts give the company a high EPS estimate of $Skechers U.S.A., Inc. Comparatively, EPS for the current quarter was $State Street Corporation a year ago. Earnings per share for the fiscal year are expected to increase by 104.90%, and 131.20% over the next financial year. EPS should grow at an annualized rate of 6.70% over the next five years, compared to 3.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Tanger Factory Outlet Centers Inc. (SKT) as a “Hold” at a consensus score of 3.90. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 2 of the 8 advise that investors “hold,” and 5 rated it as a “Sell.”
Looking at the support for the SKT, a number of firms have released research notes about the stock. Goldman stated their Neutral rating for the stock in a research note on July 01, 2020, with the firm’s price target at. Compass Point coverage for the Tanger Factory Outlet Centers Inc. (SKT) stock in a research note released on June 04, 2020 offered a Sell rating with a price target of $6. BofA/Merrill was of a view on March 23, 2020 that the stock is Underperform, while Goldman gave the stock Sell rating on May 09, 2019, issuing a price target of $19.80- $15. JP Morgan on their part issued Underweight rating on December 19, 2018.