I don't know why it is not building the target in your case. One idea would be to try building that target only, by running `hammer tools\ApplyTag` and observe the output. Otherwise, with the open source build, the target is built in the default configuration just by running `hammer`.
c:\src\oss\googleclient\omaha>del "scons-out\dbg-win\obj\tools\ApplyTag\ApplyTag.exe"
c:\src\oss\googleclient\omaha>hammer tools\ApplyTag
OMAHA_PSEXEC_DIR: C:\Program Files (x86)\pstools
GOROOT: C:\go
OMAHA_PROTOBUF_BIN_DIR: C:\protobuf\bin
OMAHA_PROTOBUF_SRC_DIR: C:\protobuf\src
OMAHA_PYTHON_DIR: C:\Python27
OMAHA_WIX_DIR: C:\Program Files (x86)\WiX Toolset v3.11\\bin
OMAHA_WTL_DIR: C:\wtl\files
OMAHA_PLATFORM_SDK_DIR: C:\Program Files (x86)\Windows Kits\10\\
OMAHA_WINDOWS_SDK_10_0_VERSION: 10.0.18362.0
OMAHA_SIGNTOOL_SDK_DIR: "C:\Program Files (x86)\Windows Kits\10\bin\10.0.18362.0\\x86"
SCONS_DIR: C:\Python27\scons-1.3.1
SCT_DIR: C:\swtoolkit
scons: warning: No installed VCs
File "C:\swtoolkit\site_scons\site_init.py", line 426, in SiteInitMain
scons: warning: No version of Visual Studio compiler found - C/C++ compilers most likely not set correctly
File "C:\swtoolkit\site_scons\site_init.py", line 426, in SiteInitMain
scons: Reading SConscript files ...
scons: warning: No installed VCs
File "C:\swtoolkit\site_scons\site_tools\target_platform_windows.py", line 283, in generate
scons: warning: No version of Visual Studio compiler found - C/C++ compilers most likely not set correctly
File "C:\swtoolkit\site_scons\site_tools\target_platform_windows.py", line 283, in generate
Building versions: 1.3.99.0
python "C:\src\oss\googleclient\omaha\tools\proxy_clsid_utils.py"
scons: done reading SConscript files.
scons: Building targets ...
scons: building associated VariantDir targets: scons-out\dbg-win\obj\tools\ApplyTag scons-out\dbg-win\obj\tools\ApplyTag
________Linking scons-out\dbg-win\obj\tools\ApplyTag\ApplyTag.exe
scons: `tools\ApplyTag' is up to date.
scons: done building targets.
c:\src\oss\googleclient\omaha>del "scons-out\dbg-win\obj\tools\ApplyTag\ApplyTag.exe"
c:\src\oss\googleclient\omaha>hammer
OMAHA_PSEXEC_DIR: C:\Program Files (x86)\pstools
GOROOT: C:\go
OMAHA_PROTOBUF_BIN_DIR: C:\protobuf\bin
OMAHA_PROTOBUF_SRC_DIR: C:\protobuf\src
OMAHA_PYTHON_DIR: C:\Python27
OMAHA_WIX_DIR: C:\Program Files (x86)\WiX Toolset v3.11\\bin
OMAHA_WTL_DIR: C:\wtl\files
OMAHA_PLATFORM_SDK_DIR: C:\Program Files (x86)\Windows Kits\10\\
OMAHA_WINDOWS_SDK_10_0_VERSION: 10.0.18362.0
OMAHA_SIGNTOOL_SDK_DIR: "C:\Program Files (x86)\Windows Kits\10\bin\10.0.18362.0\\x86"
SCONS_DIR: C:\Python27\scons-1.3.1
SCT_DIR: C:\swtoolkit
scons: warning: No installed VCs
File "C:\swtoolkit\site_scons\site_init.py", line 426, in SiteInitMain
scons: warning: No version of Visual Studio compiler found - C/C++ compilers most likely not set correctly
File "C:\swtoolkit\site_scons\site_init.py", line 426, in SiteInitMain
scons: Reading SConscript files ...
scons: warning: No installed VCs
File "C:\swtoolkit\site_scons\site_tools\target_platform_windows.py", line 283, in generate
scons: warning: No version of Visual Studio compiler found - C/C++ compilers most likely not set correctly
File "C:\swtoolkit\site_scons\site_tools\target_platform_windows.py", line 283, in generate
Building versions: 1.3.99.0
python "C:\src\oss\googleclient\omaha\tools\proxy_clsid_utils.py"
scons: done reading SConscript files.
scons: Building targets ...
scons: building associated VariantDir targets: scons-out
________Linking scons-out\dbg-win\obj\tools\ApplyTag\ApplyTag.exe
Install file: "scons-out\dbg-win\obj\tools\ApplyTag\ApplyTag.exe" as "scons-out\dbg-win\tests\ApplyTag.exe"
Install file: "scons-out\dbg-win\obj\tools\ApplyTag\ApplyTag.pdb" as "scons-out\dbg-win\tests\ApplyTag.pdb"
scons: done building targets.