Speedway Motorsports, Inc. (TRK) Raised to B at TheStreet
TRK has been the subject of a number of other reports. BidaskClub downgraded shares of Speedway Motorsports from a hold rating to a sell rating in a research report on Wednesday, July 12th. Zacks Investment Research upgraded shares of Speedway Motorsports from a sell rating to a hold rating in a research report on Wednesday, June 28th. Finally, Macquarie upgraded shares of Speedway Motorsports from an underperform rating to a neutral rating in a research report on Friday, May 5th. They noted that the move was a valuation call.
Shares of Speedway Motorsports (TRK) opened at 21.23 on Wednesday. The company has a market capitalization of $871.36 million, a price-to-earnings ratio of 22.18 and a beta of 0.81. Speedway Motorsports has a 1-year low of $16.62 and a 1-year high of $22.29. The stock has a 50 day moving average price of $18.43 and a 200 day moving average price of $19.25.
Speedway Motorsports (NYSE:TRK) last released its quarterly earnings results on Wednesday, July 26th. The company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.05. Speedway Motorsports had a net margin of 7.66% and a return on equity of 5.33%. The company had revenue of $179.25 million during the quarter. Analysts forecast that Speedway Motorsports will post $0.96 earnings per share for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Tuesday, August 15th will be given a $0.15 dividend. The ex-dividend date is Friday, August 11th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.83%. Speedway Motorsports’s payout ratio is 62.50%.
Several large investors have recently added to or reduced their stakes in TRK. Vivaldi Capital Management LLC acquired a new stake in Speedway Motorsports during the first quarter worth $2,751,601,000. Alambic Investment Management L.P. boosted its position in shares of Speedway Motorsports by 61.3% in the first quarter. Alambic Investment Management L.P. now owns 15,805 shares of the company’s stock worth $298,000 after buying an additional 6,005 shares during the period. North Star Investment Management Corp. boosted its position in shares of Speedway Motorsports by 107.8% in the first quarter. North Star Investment Management Corp. now owns 78,240 shares of the company’s stock worth $1,474,000 after buying an additional 40,590 shares during the period. Renaissance Technologies LLC boosted its position in shares of Speedway Motorsports by 15.9% in the fourth quarter. Renaissance Technologies LLC now owns 302,500 shares of the company’s stock worth $6,555,000 after buying an additional 41,600 shares during the period. Finally, Prudential Financial Inc. boosted its position in shares of Speedway Motorsports by 2.1% in the first quarter. Prudential Financial Inc. now owns 88,976 shares of the company’s stock worth $1,676,000 after buying an additional 1,793 shares during the period. Institutional investors own 21.93% of the company’s stock.
About Speedway Motorsports
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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