Speedway Motorsports, Inc. (NYSE:TRK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
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. “
Several other brokerages also recently issued reports on TRK. BidaskClub raised Speedway Motorsports from a “hold” rating to a “buy” rating in a research report on Thursday, August 3rd. TheStreet raised Speedway Motorsports from a “c+” rating to a “b” rating in a research report on Wednesday, July 26th.
Speedway Motorsports (NYSE TRK) opened at 20.49 on Friday. The company has a 50-day moving average price of $20.96 and a 200-day moving average price of $19.09. The stock has a market cap of $840.11 million, a P/E ratio of 21.41 and a beta of 0.85. Speedway Motorsports has a one year low of $16.80 and a one year high of $22.29.
Speedway Motorsports (NYSE:TRK) last issued its quarterly earnings results on Wednesday, July 26th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.05. The company had revenue of $179.25 million for the quarter. Speedway Motorsports had a return on equity of 5.33% and a net margin of 7.66%. On average, analysts anticipate that Speedway Motorsports will post $1.00 earnings per share for the current year.
A number of hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN grew its position in Speedway Motorsports by 2.2% during the second quarter. Wells Fargo & Company MN now owns 12,803 shares of the company’s stock worth $234,000 after buying an additional 279 shares in the last quarter. American International Group Inc. grew its position in Speedway Motorsports by 7.4% during the first quarter. American International Group Inc. now owns 7,255 shares of the company’s stock worth $137,000 after buying an additional 498 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Speedway Motorsports by 7.5% during the second quarter. The Manufacturers Life Insurance Company now owns 11,721 shares of the company’s stock worth $214,000 after buying an additional 821 shares in the last quarter. Rhumbline Advisers grew its position in Speedway Motorsports by 6.0% during the second quarter. Rhumbline Advisers now owns 17,401 shares of the company’s stock worth $318,000 after buying an additional 986 shares in the last quarter. Finally, Strs Ohio grew its position in Speedway Motorsports by 4.0% during the second quarter. Strs Ohio now owns 33,700 shares of the company’s stock worth $615,000 after buying an additional 1,300 shares in the last quarter. 22.39% of the stock is currently owned by institutional investors and hedge funds.
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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