Speedway Motorsports Inc. (TRK) Stock Rating Upgraded by Zacks Investment Research
Speedway Motorsports Inc. (NYSE:TRK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday.
According to Zacks, “Speedway Motorsports, Inc., is a leading marketer and promoter of motorsports entertainment in the United States. The Company owns and operates the following premier facilities: Atlanta Motor Speedway, Bristol Motor Speedway, Infineon Raceway, Las Vegas Motor Speedway, Lowe’s Motor Speedway and Texas Motor Speedway. The Company provides souvenir merchandising services through its SMI Properties subsidiaries and Motorsports Authentics joint venture and manufactures and distributes smaller-scale, modified racing cars through its six hundred Racing subsidiary. The Company also owns Performance Racing Network which broadcasts syndicated motorsports programming to over seven hundred thirty radio stations nationwide. “
Separately, TheStreet raised shares of Speedway Motorsports from a “hold” rating to a “buy” rating in a report on Wednesday, July 27th.
Shares of Speedway Motorsports (NYSE:TRK) opened at 17.35 on Thursday. The stock has a market capitalization of $713.81 million, a P/E ratio of 23.20 and a beta of 0.85. Speedway Motorsports has a one year low of $16.62 and a one year high of $21.32. The company’s 50-day moving average is $17.79 and its 200-day moving average is $18.02.
Speedway Motorsports (NYSE:TRK) last issued its earnings results on Wednesday, July 27th. The company reported $0.60 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by $0.10. The firm earned $175.70 million during the quarter, compared to analyst estimates of $179.30 million. Speedway Motorsports had a net margin of 6.26% and a return on equity of 4.86%. On average, equities research analysts anticipate that Speedway Motorsports will post $0.93 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 5th. Shareholders of record on Monday, August 15th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $0.60 dividend on an annualized basis and a yield of 3.46%. Speedway Motorsports’s payout ratio is currently 80.00%.
A number of hedge funds have recently added to or reduced their stakes in TRK. American Century Companies Inc. boosted its stake in Speedway Motorsports by 2.9% in the second quarter. American Century Companies Inc. now owns 15,913 shares of the company’s stock worth $282,000 after buying an additional 453 shares during the last quarter. First Trust Advisors LP bought a new stake in Speedway Motorsports during the second quarter worth $300,000. Alliancebernstein L.P. boosted its stake in Speedway Motorsports by 1.6% in the second quarter. Alliancebernstein L.P. now owns 19,100 shares of the company’s stock worth $339,000 after buying an additional 300 shares during the last quarter. Strs Ohio boosted its stake in Speedway Motorsports by 11.5% in the second quarter. Strs Ohio now owns 34,900 shares of the company’s stock worth $619,000 after buying an additional 3,600 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake in Speedway Motorsports by 1.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 38,273 shares of the company’s stock worth $680,000 after buying an additional 504 shares during the last quarter. 22.15% of the stock is currently owned by institutional investors.
Speedway Motorsports Company Profile
Speedway Motorsports, Inc is engaged in promoting, marketing and sponsoring motorsports activities in the United States. The Company also provides event and non-event souvenir merchandising and distribution services, and food, beverage and hospitality catering services through its subsidiary, SMISC Holdings, Inc It provides radio programming, production and distribution; distributes wholesale and retail motorsports, and other sports-related souvenir merchandise and apparel, and manufactures and distributes smaller-scale, modified racing cars and parts.
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