Zacks Investment Research Upgrades Speedway Motorsports (TRK) to “Buy”
Zacks Investment Research upgraded shares of Speedway Motorsports (NYSE:TRK) from a hold rating to a buy rating in a report issued on Wednesday morning. They currently have $23.00 price objective on the stock.
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 lowered shares of Speedway Motorsports from a b rating to a c+ rating in a report on Wednesday, October 25th.
In other Speedway Motorsports 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 of the company’s stock, valued at $808,560. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 72.00% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in TRK. Allianz Asset Management GmbH grew its holdings in shares of Speedway Motorsports by 531.3% during the third quarter. Allianz Asset Management GmbH now owns 114,361 shares of the company’s stock valued at $2,435,000 after buying an additional 96,245 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Speedway Motorsports by 6.6% during the second quarter. Vanguard Group Inc. now owns 1,038,139 shares of the company’s stock valued at $18,966,000 after buying an additional 64,192 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Speedway Motorsports by 0.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,159,301 shares of the company’s stock valued at $57,720,000 after buying an additional 27,458 shares during the last quarter. OxFORD Asset Management LLP purchased a new stake in shares of Speedway Motorsports during the third quarter valued at $560,000. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Speedway Motorsports during the third quarter valued at $344,000. 21.18% of the stock is currently owned by hedge funds and other institutional investors.
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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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