Tanger Factory Outlet Centers (NYSE:SKT) was upgraded by equities researchers at KeyCorp from an “underweight” rating to a “sector weight” rating in a research report issued to clients and investors on Monday, Briefing.com reports.
SKT has been the subject of several other reports. Compass Point initiated coverage on Tanger Factory Outlet Centers in a report on Thursday, June 4th. They issued a “sell” rating and a $6.00 target price for the company. Zacks Investment Research raised Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a report on Tuesday, June 2nd. JPMorgan Chase & Co. cut their price target on Tanger Factory Outlet Centers from $15.00 to $8.00 and set an “underweight” rating for the company in a report on Thursday, June 18th. Goldman Sachs Group initiated coverage on Tanger Factory Outlet Centers in a report on Wednesday, July 1st. They issued a “neutral” rating and a $7.70 price target for the company. Finally, Citigroup raised their price target on Tanger Factory Outlet Centers from $4.50 to $6.50 and gave the stock a “neutral” rating in a report on Thursday, July 2nd. Four research analysts have rated the stock with a sell rating and four 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 $6.12.
SKT stock opened at $6.40 on Monday. The firm has a market cap of $598.22 million, a PE ratio of 91.44 and a beta of 1.82. The company has a quick ratio of 4.78, a current ratio of 4.78 and a debt-to-equity ratio of 5.96. The business has a 50 day moving average of $6.10 and a 200-day moving average of $6.88. Tanger Factory Outlet Centers has a 12-month low of $4.05 and a 12-month high of $17.94.
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Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Tanger Factory Outlet Centers by 20.0% in the first quarter. BlackRock Inc. now owns 16,196,060 shares of the real estate investment trust’s stock worth $80,979,000 after buying an additional 2,698,770 shares in the last quarter. Geode Capital Management LLC raised its position in Tanger Factory Outlet Centers by 0.7% during the first quarter. Geode Capital Management LLC now owns 1,650,305 shares of the real estate investment trust’s stock valued at $8,251,000 after purchasing an additional 11,463 shares in the last quarter. Invesco Ltd. raised its position in Tanger Factory Outlet Centers by 13.7% during the first quarter. Invesco Ltd. now owns 1,090,929 shares of the real estate investment trust’s stock valued at $5,455,000 after purchasing an additional 131,583 shares in the last quarter. Principal Financial Group Inc. raised its position in Tanger Factory Outlet Centers by 21.1% during the second quarter. Principal Financial Group Inc. now owns 1,073,257 shares of the real estate investment trust’s stock valued at $7,653,000 after purchasing an additional 187,080 shares in the last quarter. Finally, Legion Partners Asset Management LLC purchased a new stake in Tanger Factory Outlet Centers during the first quarter valued at about $4,789,000. Institutional investors own 79.34% of the company’s stock.
Tanger Factory Outlet Centers Company Profile
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 40 upscale outlet shopping centers. Tanger’s operating properties are located in 20 states coast to coast and in Canada, totaling approximately 14.4 million square feet leased to over 2,900 stores operated by more than 500 different brand name companies.
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6 Stocks Riding the Coattails of Nikola Motor
Since its initial public offering on June 4, shares of Nikola (NASDAQ: NKLA) have surged over 130%. NKLA stock has cooled down since then and is now trading at just over a 60% premium from its IPO price of $34 per share.
Nikola isn’t alone. The entire electric vehicle (EV) market is on a tear. In addition to the surge in Nikola stock, Tesla (NASDAQ: TSLA) stock is up over 93% and Nio (NYSE: NIO) stock has climbed nearly over 160% in the same time period. But while Tesla and Nio are actually producing cars, Nikola does not even have a plant built.
With all that said, the allure of Nikola is easy to see. The company is planning on building a fleet of hydrogen fuel cell trucks powered by hydrogen fueling stations from sea to shining sea. At least that’s the plan. But that plan is years away. The company won’t even have a fuel cell truck available until 2023 at the earliest.
And while the United States has 39 hydrogen fueling stations, it’s an expensive, complicated venture. But that’s been the problem with hydrogen for nearly two decades. And that has some investors wondering what the company’s chief executive officer (CEO) Trevor Milton is really selling.
Leaving aside the question of whether Nikola is riding the coattails of Tesla, Nikola is beginning to create some significant coattails of its own. And there’s a reason for this. While Nikola is planning to compete with Tesla in the electric car arena, it’s also covering a specific niche with a semi-truck that will run on a hydrogen fuel cell.
