Tanger Factory Outlet Centers (SKT) Expected to Post Quarterly Sales of $117.95 Million

Brokerages predict that Tanger Factory Outlet Centers (NYSE:SKT) will announce sales of $117.95 million for the current quarter, Zacks reports. Three analysts have issued estimates for Tanger Factory Outlet Centers’ earnings, with the highest sales estimate coming in at $119.85 million and the lowest estimate coming in at $116.77 million. Tanger Factory Outlet Centers posted sales of $121.37 million in the same quarter last year, which would indicate a negative year over year growth rate of 2.8%. The business is expected to report its next quarterly earnings results after the market closes on Tuesday, May 1st.

On average, analysts expect that Tanger Factory Outlet Centers will report full year sales of $117.95 million for the current fiscal year, with estimates ranging from $469.85 million to $482.73 million. For the next fiscal year, analysts forecast that the firm will report sales of $485.13 million per share, with estimates ranging from $474.02 million to $497.00 million. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Tanger Factory Outlet Centers.

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Tanger Factory Outlet Centers (NYSE:SKT) last announced its quarterly earnings data on Tuesday, February 13th. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.05. The company had revenue of $126.49 million for the quarter, compared to the consensus estimate of $122.67 million. Tanger Factory Outlet Centers had a return on equity of 10.45% and a net margin of 13.80%.

SKT has been the topic of a number of recent analyst reports. Jefferies Group reissued a “hold” rating and issued a $24.00 price objective on shares of Tanger Factory Outlet Centers in a research note on Friday, December 22nd. ValuEngine downgraded Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Zacks Investment Research downgraded Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a research note on Wednesday, January 10th. Evercore ISI downgraded Tanger Factory Outlet Centers from an “in-line” rating to an “underperform” rating in a research note on Thursday, February 15th. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of Tanger Factory Outlet Centers in a research note on Thursday, February 15th. Four research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $24.88.

Shares of NYSE:SKT traded down $0.16 during midday trading on Monday, reaching $22.62. The company’s stock had a trading volume of 841,165 shares, compared to its average volume of 1,699,591. The company has a market capitalization of $2,153.57, a price-to-earnings ratio of 9.20, a P/E/G ratio of 1.76 and a beta of 0.52. The company has a debt-to-equity ratio of 2.88, a current ratio of 0.07 and a quick ratio of 0.07. Tanger Factory Outlet Centers has a fifty-two week low of $21.14 and a fifty-two week high of $33.68.

In other Tanger Factory Outlet Centers news, VP Virginia R. Summerell sold 5,800 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $22.90, for a total transaction of $132,820.00. Following the completion of the sale, the vice president now directly owns 32,025 shares of the company’s stock, valued at approximately $733,372.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Thomas E. Mcdonough sold 11,276 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $22.55, for a total value of $254,273.80. Following the sale, the chief operating officer now directly owns 159,088 shares of the company’s stock, valued at $3,587,434.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,515 shares of company stock worth $396,945. 4.80% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Albion Financial Group UT bought a new stake in Tanger Factory Outlet Centers during the 4th quarter worth approximately $457,000. Xact Kapitalforvaltning AB bought a new stake in Tanger Factory Outlet Centers during the 4th quarter worth approximately $263,000. Envestnet Asset Management Inc. increased its holdings in Tanger Factory Outlet Centers by 69.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 6,963 shares of the real estate investment trust’s stock worth $185,000 after purchasing an additional 2,863 shares in the last quarter. Brookfield Asset Management Inc. increased its holdings in Tanger Factory Outlet Centers by 5.3% during the 4th quarter. Brookfield Asset Management Inc. now owns 443,800 shares of the real estate investment trust’s stock worth $11,765,000 after purchasing an additional 22,200 shares in the last quarter. Finally, MetLife Investment Advisors LLC bought a new stake in Tanger Factory Outlet Centers during the 4th quarter worth approximately $1,586,000. 95.30% of the stock is owned by hedge funds and other institutional investors.

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About Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc (NYSE: SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that operates and owns, or has an ownership interest in, a portfolio of 44 upscale outlet shopping centers. Tanger's operating properties are located in 22 states coast to coast and in Canada, totaling approximately 15.3 million square feet leased to over 3,100 stores operated by more than 500 different brand name companies.

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Earnings History and Estimates for Tanger Factory Outlet Centers (NYSE:SKT)

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