Speedway Motorsports, Inc. (TRK) Cut to “Hold” at Zacks Investment Research
Speedway Motorsports, Inc. (NYSE:TRK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note 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 equities research analysts also recently issued reports on the stock. TheStreet downgraded shares of Speedway Motorsports from a “b-” rating to a “c+” rating in a research note on Tuesday, May 23rd. BidaskClub cut shares of Speedway Motorsports from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th.
Shares of Speedway Motorsports (NYSE:TRK) opened at 20.94 on Friday. The firm’s 50-day moving average is $20.97 and its 200-day moving average is $19.10. Speedway Motorsports has a 12-month low of $16.80 and a 12-month high of $22.29. The firm has a market capitalization of $858.56 million, a price-to-earnings ratio of 21.88 and a beta of 0.85.
Speedway Motorsports (NYSE:TRK) last released its quarterly earnings data on Wednesday, July 26th. The company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate 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. Equities research analysts forecast that Speedway Motorsports will post $1.00 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Wells Fargo & Company MN lifted its position in shares of 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 purchasing an additional 279 shares in the last quarter. American International Group Inc. lifted its position in shares of 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 purchasing an additional 498 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of 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 purchasing an additional 821 shares in the last quarter. Rhumbline Advisers lifted its position in shares of 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 purchasing an additional 986 shares in the last quarter. Finally, Strs Ohio lifted its position in shares of 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 purchasing 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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