TheStreet Downgrades Speedway Motorsports, Inc. (TRK) to C+
Speedway Motorsports, Inc. (NYSE:TRK) was downgraded by stock analysts at TheStreet from a “b-” rating to a “c+” rating in a research report issued on Tuesday.
Other equities analysts have also recently issued research reports about the company. Macquarie upgraded 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. Zacks Investment Research cut Speedway Motorsports from a “hold” rating to a “sell” rating in a research report on Saturday, March 4th.
Shares of Speedway Motorsports (NYSE:TRK) traded up 0.76% on Tuesday, hitting $17.24. The stock had a trading volume of 19,867 shares. The company has a market cap of $707.94 million, a price-to-earnings ratio of 19.35 and a beta of 0.84. Speedway Motorsports has a 12-month low of $16.62 and a 12-month high of $22.28. The stock has a 50 day moving average price of $18.27 and a 200-day moving average price of $20.10.
Speedway Motorsports (NYSE:TRK) last issued its quarterly earnings results on Friday, April 28th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.02. The company had revenue of $80.33 million during the quarter. Speedway Motorsports had a net margin of 6.93% and a return on equity of 4.92%. On average, equities analysts expect that Speedway Motorsports will post $0.91 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 5th. Shareholders of record on Monday, May 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.51%. The ex-dividend date is Thursday, May 11th. Speedway Motorsports’s payout ratio is 68.97%.
Institutional investors have recently added to or reduced their stakes in the company. American International Group Inc. boosted its position in Speedway Motorsports by 7.4% in the first quarter. American International Group Inc. now owns 7,255 shares of the company’s stock valued at $137,000 after buying an additional 498 shares during the last quarter. Spark Investment Management LLC acquired a new position in Speedway Motorsports during the first quarter valued at about $194,000. Algert Global LLC acquired a new position in Speedway Motorsports during the first quarter valued at about $211,000. Alambic Investment Management L.P. boosted its position in Speedway Motorsports by 61.3% in the first quarter. Alambic Investment Management L.P. now owns 15,805 shares of the company’s stock valued at $298,000 after buying an additional 6,005 shares during the last quarter. Finally, Citadel Advisors LLC acquired a new position in Speedway Motorsports during the first quarter valued at about $433,000. Institutional investors own 22.34% 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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