Dropping The 52 Week Low, Tanger Factory Outlet Centers Inc. (NYSE:SKT) Closing At $18.91

SKT
SKT

Tanger Factory Outlet Centers Inc. (NYSE:SKT)

April 16th, 2019

Amidst rising markets Tanger Factory Outlet Centers Inc. fell ($0.97) Tuesday, down 4.88%, closing at $18.91. As well as the drop in value, Tanger Factory Outlet Centers Inc. hit a new 52 week low of $18.85, breaking the previous low of $19.75 from earlier this November. Despite the drop in value, trading volumes were solid at 261.00% of normal which can indicate investor opportunities. Be aware that the Altman Z-Score1 (An indicator of the probability for a 2-year bankruptcy) is below the recommended threshold of 1.8%, and calculated to be 0.82. The next earnings report is expected in approximately 20 days.

SKT was outperformed by the rest of the Real Estate sector which went down only -2.38%.

Expectations from 8 analysts indicates that Tanger Factory Outlet Centers Inc. might go up somewhat (6.14%).

Market Sectors

The market sectors were mixed Tuesday with a majority of the sectors trending up. Financials saw the biggest increase of the day (1.37%), while Real Estate saw the biggest drop (-2.38%). Information Technology has seen the biggest year-to-date gain at 23.78%.

Energy saw the biggest turnaround from its 5-day performance of -1.22%, as it went up 0.64%. Real Estate and Utilities experienced turn arounds from their five day positive performance, Real Estate with a drop of -2.38%.

Sector Breakdown

  • Financials went up with a 1.37% change.
  • Energy went up with a 0.64% change.
  • Industrials went up with a 0.59% change.
  • Information Technology went up with a 0.49% change.
  • Consumer Discretionary went up with a 0.48% change.
  • Materials went up with a 0.47% change.
  • Communication Services went up with a 0.21% change.
  • Consumer Staples went down with a -0.06% change.
  • Utilities went down with a -1.39% change.
  • Healthcare went down with a -2.03% change.
  • Real Estate went down with a -2.38% change.

Tanger Factory Outlet Centers Inc. Info

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 530 different brand name companies. The Company has more than 38 years of experience in the outlet industry. Tanger Outlet Centers continue to attract more than 189 million shoppers annually. Tanger is furnishing a Form 8-K with the Securities and Exchange Commission that includes a supplemental information package for the quarter ended December 31, 2018.

All amounts in USD unless otherwise indicated

(1) The Altman Z-Score calculation was first published in 1968 by Edward I. Altman, and is used for predicting the probability that a firm will go into bankruptcy within two years. An Altman Z-Score below 1.8 (Remember that Tanger Factory Outlet Centers Inc.’s score is 0.82) is the trigger to be alert for this situation. Some analysts believe this score is less relevant for some companies, in particular companies operating to accumulate users that may run at huge losses to scale up.

SKT daily update
SKT daily update

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