Allianz Asset Management GmbH Acquires 96,245 Shares of Speedway Motorsports, Inc. (TRK)
Allianz Asset Management GmbH increased its holdings in Speedway Motorsports, Inc. (NYSE:TRK) by 531.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 114,361 shares of the company’s stock after acquiring an additional 96,245 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.28% of Speedway Motorsports worth $2,435,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the company. OxFORD Asset Management LLP acquired a new position in shares of Speedway Motorsports in the 3rd quarter valued at $560,000. Trexquant Investment LP acquired a new position in shares of Speedway Motorsports in the 3rd quarter valued at $343,000. Macquarie Group Ltd. acquired a new position in shares of Speedway Motorsports in the 3rd quarter valued at $279,000. Russell Investments Group Ltd. acquired a new position in shares of Speedway Motorsports in the 3rd quarter valued at $344,000. Finally, First Quadrant L P CA grew its position in Speedway Motorsports by 20.0% in the 3rd quarter. First Quadrant L P CA now owns 32,410 shares of the company’s stock valued at $690,000 after buying an additional 5,391 shares during the last quarter. 21.18% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Mark M. Gambill sold 12,000 shares of Speedway Motorsports stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $20.00, for a total value of $240,000.00. Following the transaction, the director now directly owns 40,428 shares in the company, valued at approximately $808,560. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 72.00% of the company’s stock.
Speedway Motorsports (NYSE:TRK) last posted its quarterly earnings data on Wednesday, October 25th. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.06). Speedway Motorsports had a net margin of 7.26% and a return on equity of 4.79%. The firm had revenue of $137.61 million during the quarter, compared to analysts’ expectations of $141.79 million. equities analysts anticipate that Speedway Motorsports, Inc. will post 0.95 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 10th were given a $0.15 dividend. The ex-dividend date of this dividend was Thursday, November 9th. This represents a $0.60 dividend on an annualized basis and a yield of 3.03%. Speedway Motorsports’s dividend payout ratio (DPR) is 70.59%.
A number of equities analysts recently weighed in on the stock. TheStreet lowered shares of Speedway Motorsports from a “b” rating to a “c+” rating in a research report on Wednesday, October 25th. Zacks Investment Research lowered shares of Speedway Motorsports from a “buy” rating to a “hold” rating in a research report on Tuesday, October 31st.
Speedway Motorsports Company Profile
Speedway Motorsports, Inc (SMI), through its operating subsidiaries, is a promoter, marketer and sponsor of motorsports activities in the United States. The Company’s operations consist of promoting, marketing and sponsoring motorsports racing events, merchandising and other related activities conducted at its various speedway facilities located in the United States.
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