Compass Point cuts target price of Tanger Factory Outlet Centers (NYSE:SKT) to $21.00

Tangier Factory Outlet Centers (NYSE:SKT – Get Rating) Its target price was cut from $23.00 to $21.00 by equity analysts at Compass Point in a research note published Wednesday, reports The Fly. Compass Point’s price target would indicate a potential upside of 49.25% from the company’s current price.

Separately, StockNews.com began reporting shares of Tanger Factory Outlet Centers in a research report on Thursday, March 31st. They gave the company a “hold” rating.

SKT opened at $14.07 on Wednesday. The company has a quick ratio of 2.63, a current ratio of 2.63 and a debt to equity ratio of 2.74. The company has a 50-day moving average price of $16.80 and a 200-day moving average price of $17.47. Tanger Factory Outlet Centers has a 12-month low of $13.77 and a 12-month high of $22.51. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of 63.96, a PEG ratio of 1.00, and a beta of 1.76.

Tanger Factory Outlet Centers (NYSE:SKT – Get Rating) last announced its earnings results on Thursday, May 5th. The Real Estate Investment Trust reported earnings per share of $0.19 for the quarter, missing analyst consensus estimates of $0.40 ($0.21). The company posted revenue of $108.87 million for the quarter, compared to analysts’ expectations of $101.62 million. Tanger Factory Outlet Centers had a net margin of 5.84% and a return on equity of 5.04%. The company’s quarterly revenue increased 8.1% year over year. In the same period last year, the company reported earnings per share of $0.40. As a group, analysts expect Tanger Factory Outlet Centers to report year-to-date earnings per share of 1.75.

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In related news, Director Thomas Reddin sold 10,000 shares of the company’s shares in a transaction on Monday, May 16. The shares were sold at an average price of $18.00 for a total transaction of $180,000.00. Upon completion of the transaction, the Director now owns 45,654 shares of the Company, valued at $821,772. The sale was disclosed in a document filed with the SEC, available at this hyperlink. Company insiders own 5.80% of the company’s shares.

Big investors recently changed their stock holdings. Moors & Cabot Inc. acquired a new position in Tanger Factory Outlet Centers valued at $4,238,000 during the third quarter. Waterfront Capital Partners LLC purchased a new position in Tanger Factory Outlet Centers valued at $20,913,000 during the first quarter. Norges Bank bought a new position in Tanger Factory Outlet Centers valued at $19,210,000 during the fourth quarter. Millennium Management LLC increased its position in Tanger Factory Outlet Centers by 2,800.3% in the fourth quarter. Millennium Management LLC now owns 820,520 shares of the Real Estate Investment Trust worth $15,820,000 after purchasing an additional 792,229 shares last quarter. Finally, State Street Corp increased its position in Tanger factory outlet centers by 12.6% in the first quarter. State Street Corp now owns 6,252,459 shares of the Real Estate Investment Trust worth $107,480,000 after purchasing an additional 700,755 shares last quarter. Hedge funds and other institutional investors own 82.24% of the company’s shares.

Tanger Factory Outlet Centers Company Profile (get rating)

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a leading operator of upscale, open-air outlet shopping centers that owns or has interests in a portfolio of 38 centers. Tangier’s corporate properties are located in 20 states and Canada, totaling approximately 14.1 million square feet leased to over 2,700 stores operated by more than 500 different brands.

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