BidaskClub Upgrades Speedway Motorsports, Inc. (TRK) to “Buy”
Speedway Motorsports, Inc. (NYSE:TRK) was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating in a report issued on Thursday.
Other equities analysts have also recently issued research reports about the stock. TheStreet upgraded shares of Speedway Motorsports from a “c+” rating to a “b” rating in a research report on Wednesday, July 26th. Zacks Investment Research upgraded shares of Speedway Motorsports from a “sell” rating to a “hold” rating and set a $24.00 target price on the stock in a research report on Thursday, July 27th. 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) traded up 0.98% during mid-day trading on Thursday, hitting $21.61. 14,166 shares of the company traded hands. The firm’s 50 day moving average price is $18.60 and its 200-day moving average price is $19.20. Speedway Motorsports has a 1-year low of $16.73 and a 1-year high of $22.28. The stock has a market capitalization of $886.96 million, a PE ratio of 22.58 and a beta of 0.83.
Speedway Motorsports (NYSE:TRK) last issued its earnings results on Wednesday, July 26th. The company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.05. The company had revenue of $179.25 million for the quarter. Speedway Motorsports had a net margin of 7.66% and a return on equity of 5.33%. On average, equities research analysts forecast that Speedway Motorsports will post $0.96 EPS for the current year.
A number of institutional investors have recently modified their holdings of the company. American International Group Inc. boosted its position in shares of Speedway Motorsports by 7.4% in 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 during the last quarter. Montag A & Associates Inc. acquired a new position in shares of Speedway Motorsports during the third quarter worth approximately $188,000. Spark Investment Management LLC acquired a new position in shares of Speedway Motorsports during the first quarter worth approximately $194,000. Algert Global LLC acquired a new position in shares of Speedway Motorsports during the first quarter worth approximately $211,000. Finally, Neuberger Berman Group LLC acquired a new position in shares of Speedway Motorsports during the third quarter worth approximately $238,000. Institutional investors own 21.64% 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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