Tanger Factory Outlet Centers Inc. (NYSE:SKT) shareholders have witnessed a decrease in hedge fund sentiment in recent months.
In the financial world, there are plenty of methods market participants can use to monitor their holdings. Some of the most useful are hedge fund and insider trading sentiment. At Insider Monkey, our research analyses have shown that, historically, those who follow the best picks of the best fund managers can trounce the S&P 500 by a very impressive amount (see just how much).
Equally as important, positive insider trading activity is another way to break down the marketplace. Just as you’d expect, there are many stimuli for a corporate insider to cut shares of his or her company, but only one, very simple reason why they would behave bullishly. Plenty of empirical studies have demonstrated the valuable potential of this strategy if “monkeys” understand where to look (learn more here).
With these “truths” under our belt, let’s take a glance at the recent action regarding Tanger Factory Outlet Centers Inc. (NYSE:SKT).
What does the smart money think about Tanger Factory Outlet Centers Inc. (NYSE:SKT)?
In preparation for this quarter, a total of 7 of the hedge funds we track were long in this stock, a change of -30% from one quarter earlier. With the smart money’s capital changing hands, there exists a select group of key hedge fund managers who were upping their stakes considerably.
When looking at the hedgies we track, Ken Griffin’s Citadel Investment Group had the most valuable position in Tanger Factory Outlet Centers Inc. (NYSE:SKT), worth close to $15.2 million, accounting for less than 0.1%% of its total 13F portfolio. The second largest stake is held by Andrew Sandler of Sandler Capital Management, with a $6.9 million position; 0.2% of its 13F portfolio is allocated to the stock. Some other hedge funds that are bullish include Jim Simons’s Renaissance Technologies, Cliff Asness’s AQR Capital Management and Greg Poole’s Echo Street Capital Management.
Because Tanger Factory Outlet Centers Inc. (NYSE:SKT) has experienced falling interest from hedge fund managers, we can see that there was a specific group of fund managers that elected to cut their positions entirely in Q1. Intriguingly, Ken Heebner’s Capital Growth Management cut the largest stake of the “upper crust” of funds we key on, totaling about $46.3 million in stock.. David Keidan’s fund, Buckingham Capital Management, also said goodbye to its stock, about $3.4 million worth. These bearish behaviors are important to note, as total hedge fund interest was cut by 3 funds in Q1.
What do corporate executives and insiders think about Tanger Factory Outlet Centers Inc. (NYSE:SKT)?
Bullish insider trading is at its handiest when the company in question has experienced transactions within the past half-year. Over the last half-year time period, Tanger Factory Outlet Centers Inc. (NYSE:SKT) has experienced 1 unique insiders purchasing, and 7 insider sales (see the details of insider trades here).
Let’s also take a look at hedge fund and insider activity in other stocks similar to Tanger Factory Outlet Centers Inc. (NYSE:SKT). These stocks are EPR Properties (NYSE:EPR), Equity One, Inc. (NYSE:EQY), Weingarten Realty Investors (NYSE:WRI), CBL & Associates Properties, Inc. (NYSE:CBL), and Hospitality Properties Trust (NYSE:HPT). This group of stocks are in the reit – retail industry and their market caps resemble SKT’s market cap.