Tanger Factory Outlet Centers (SKT) was Downgraded by Hilliard Lyons to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. Hilliard Lyons advised their investors in a research report released on Jul 6, 2016.
On the company’s financial health, Tanger Factory Outlet Centers reported $0.56 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Apr 26, 2016. Analyst had a consensus of $0.55. The company had revenue of $110.80 million for the quarter, compared to analysts expectations of $114.01 million. The company’s revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 EPS.
Tanger Factory Outlet Centers opened for trading at $40.41 and hit $40.5 on the upside on Friday, eventually ending the session at $40.25, with a gain of 0.17% or 0.07 points. The heightened volatility saw the trading volume jump to 6,36,303 shares. Company has a market cap of $3,869 M.
In a different news, on May 11, 2016, Chad Perry (EVP,General Counsel,Secretary) sold 1,000 shares at $36.53 per share price. According to the SEC, on May 9, 2016, Virginia R Summerell (Senior VP, Treasurer) sold 4,216 shares at $36.10 per share price. On May 9, 2016, Carrie A Geldner (SVP, Chief Marketing Officer) sold 1,500 shares at $35.71 per share price, according to the Form-4 filing with the securities and exchange commission.
Tanger Factory Outlet Centers Inc. is a fully-integrated self-administered and self-managed real estate investment trust (REIT). The Company focuses on developing acquiring owning operating and managing outlet shopping centers. The Company has interests in nine outlet centers totaling approximately 2.6 million square feet including four outlet centers in Canada. The outlet centers and other assets are held by and all of the Company’s operations are conducted by Tanger Properties Limited Partnership and subsidiaries. The Company owns the units of partnership interest issued by the Operating Partnership through its two wholly owned subsidiaries Tanger GP Trust and Tanger LP Trust. Tanger GP Trust controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest. Its outlet centers range in size from 24619 to 749074 square feet and are located at least ten miles from department stores and manufacturer-owned retail stores.