The stock of Tanger Factory Outlet Centers Inc. (NYSE:SKT) gapped down by $0.08 today and has $35.23 target or 7.00% below today’s $37.88 share price. The 9 months technical chart setup indicates high risk for the $3.64 billion company. The gap down was reported on Oct, 4 by Barchart.com. If the $35.23 price target is reached, the company will be worth $254.80 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 2.77% or $1.08 on October 3, hitting $37.88. Tanger Factory Outlet Centers Inc. (NYSE:SKT) has risen 15.31% since March 1, 2016 and is uptrending. It has outperformed by 3.10% the S&P500.
Analysts await Tanger Factory Outlet Centers Inc. (NYSE:SKT) to report earnings on October, 25. They expect $0.60 EPS, up 1.69% or $0.01 from last year’s $0.59 per share. SKT’s profit will be $57.66 million for 15.78 P/E if the $0.60 EPS becomes a reality. After $0.59 actual EPS reported by Tanger Factory Outlet Centers Inc. for the previous quarter, Wall Street now forecasts 1.69% EPS growth.
Tanger Factory Outlet Centers Inc. (NYSE:SKT) Ratings Coverage
Out of 8 analysts covering Tanger Factory Outlet Centers (NYSE:SKT), 2 rate it a “Buy”, 0 “Sell”, while 6 “Hold”. This means 25% are positive. Tanger Factory Outlet Centers has been the topic of 17 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The firm has “Neutral” rating by Hilliard Lyons given on Wednesday, July 6. The rating was maintained by Evercore with “Hold” on Tuesday, September 8. The stock of Tanger Factory Outlet Centers Inc. (NYSE:SKT) has “Buy” rating given on Thursday, February 11 by Hilliard Lyons. The firm earned “Neutral” rating on Tuesday, August 25 by Hilliard Lyons. The firm has “” rating by KeyBanc Capital Markets given on Friday, August 7. The firm has “Hold” rating by Zacks given on Wednesday, August 26. On Tuesday, August 11 the stock rating was maintained by M Partners with “Sell”. The firm earned “Neutral” rating on Thursday, October 29 by Hilliard Lyons. As per Monday, April 4, the company rating was downgraded by Citigroup. The rating was upgraded by Bank of America on Tuesday, October 6 to “Neutral”.
According to Zacks Investment Research, “Tanger Factory Outlet Centers, Inc. is a fully-integrated, self-administered and self-managed real estate investment trust which focuses exclusively on developing, acquiring, owning and operating factory outlet centers. Since entering the factory outlet center business, they have become one of the largest owners and operators of factory outlet centers in the United States.”
Insitutional Activity: The institutional sentiment decreased to 1.16 in 2016 Q2. Its down 0.09, from 1.25 in 2016Q1. The ratio dived, as 25 funds sold all Tanger Factory Outlet Centers Inc. shares owned while 88 reduced positions. 31 funds bought stakes while 100 increased positions. They now own 90.59 million shares or 4.33% more from 86.83 million shares in 2016Q1.
Liberty Mutual Gp Asset Management owns 41,150 shares or 0.06% of their US portfolio. Deprince Race & Zollo, a Florida-based fund reported 1.12M shares. Checchi Cap Advisers Ltd Limited Liability Company owns 1,063 shares or 0% of their US portfolio. Allianz Asset Mgmt Ag accumulated 0.01% or 250,798 shares. Echo Street Capital Mngmt Llc accumulated 232,849 shares or 0.39% of the stock. Ngam Advsr Ltd Partnership holds 0.06% or 99,752 shares in its portfolio. Amalgamated Comml Bank has invested 0.04% of its portfolio in Tanger Factory Outlet Centers Inc. (NYSE:SKT). Johnson Counsel holds 0.01% of its portfolio in Tanger Factory Outlet Centers Inc. (NYSE:SKT) for 5,000 shares. Pecaut And Communication holds 0.21% or 5,000 shares in its portfolio. Jackson Wealth Limited Liability has 30,425 shares for 0.45% of their US portfolio. Loeb Partners reported 44,600 shares or 0.78% of all its holdings. Ifc Holdg Inc Fl reported 8,268 shares or 0.04% of all its holdings. Ar Asset Mngmt Incorporated holds 0.43% or 25,200 shares in its portfolio. Raymond James And accumulated 0.01% or 76,815 shares. Amica Pension Fund Board Of Trustees owns 5,385 shares or 0.03% of their US portfolio.
Insider Transactions: Since May 2, 2016, the stock had 0 buys, and 6 insider sales for $3.57 million net activity. 4,216 shares were sold by SUMMERELL VIRGINIA R, worth $152,181 on Friday, May 6. The insider TANGER STEVEN B sold 85,000 shares worth $3.04 million. 1,500 shares with value of $53,565 were sold by GELDNER CARRIE A on Friday, May 6. BENTON WILLIAM G sold 1,500 shares worth $60,872. The insider MORRISON LISA J sold $202,521.
More notable recent Tanger Factory Outlet Centers Inc. (NYSE:SKT) news were published by: Bizjournals.com which released: “Upscale Tanger Outlet mall in Fort Worth to get underway; to employ hundreds” on October 03, 2016, also Prnewswire.com with their article: “Tanger Outlets Columbus Kicks Off Grand Opening Celebrations” published on June 24, 2016, News-Journalonline.com published: “Tanger job fair draws hundreds” on September 28, 2016. More interesting news about Tanger Factory Outlet Centers Inc. (NYSE:SKT) were released by: Prnewswire.com and their article: “Tanger Acquires 100% Ownership of Tanger Outlets Located in the Greater …” published on August 15, 2016 as well as Prnewswire.com‘s news article titled: “Tanger Factory Outlet Centers, Inc. 2015 Tax Reporting Information …” with publication date: January 20, 2016.
SKT Company Profile
Tanger Factory Outlet Centers, Inc., incorporated on March 3, 1993, is a self-administered and self-managed real estate investment trust (REIT). The Firm focuses on developing, acquiring, owning, operating and managing outlet shopping centers in the United States and Canada. The Company’s consolidated portfolio consists of approximately 34 outlet centers, with a total gross leasable area of approximately 11.7 million square feet. These outlet centers were occupied and contained over 2,400 stores, representing approximately 400 store brands. The Firm also has partial ownership interests in approximately nine outlet centers totaling approximately 2.7 million square feet, including four outlet centers in Canada.
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