Speedway Motorsports, Inc. to Post FY2017 Earnings of $0.97 Per Share, Gabelli Forecasts (TRK)
Speedway Motorsports, Inc. (NYSE:TRK) – Stock analysts at Gabelli cut their FY2017 earnings per share estimates for Speedway Motorsports in a report released on Thursday. Gabelli analyst B. Lucas now forecasts that the company will post earnings of $0.97 per share for the year, down from their prior estimate of $1.00.
A number of other brokerages have also weighed in on TRK. Zacks Investment Research raised Speedway Motorsports from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a report on Saturday. TheStreet lowered Speedway Motorsports from a “b” rating to a “c+” rating in a report on Wednesday, October 25th. Finally, BidaskClub raised Speedway Motorsports from a “sell” rating to a “hold” rating in a report on Monday, July 24th.
Shares of Speedway Motorsports (NYSE:TRK) opened at 19.51 on Monday. The firm’s 50 day moving average price is $21.49 and its 200-day moving average price is $19.59. The company has a market capitalization of $799.93 million, a P/E ratio of 20.39 and a beta of 0.86. Speedway Motorsports has a 1-year low of $16.80 and a 1-year high of $23.47.
Speedway Motorsports (NYSE:TRK) last released its quarterly earnings data on Wednesday, October 25th. The company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.06). The business had revenue of $137.61 million during the quarter, compared to the consensus estimate of $141.79 million. Speedway Motorsports had a return on equity of 4.79% and a net margin of 7.26%.
Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of Speedway Motorsports by 1.4% in the second quarter. JPMorgan Chase & Co. now owns 216,149 shares of the company’s stock valued at $3,949,000 after purchasing an additional 3,010 shares during the period. Vivaldi Asset Management LLC acquired a new position in shares of Speedway Motorsports in the second quarter valued at about $4,036,000. Geode Capital Management LLC increased its holdings in shares of Speedway Motorsports by 3.5% in the first quarter. Geode Capital Management LLC now owns 98,045 shares of the company’s stock valued at $1,847,000 after purchasing an additional 3,270 shares during the period. Clark Estates Inc. NY increased its holdings in shares of Speedway Motorsports by 15.3% in the second quarter. Clark Estates Inc. NY now owns 292,288 shares of the company’s stock valued at $5,340,000 after purchasing an additional 38,677 shares during the period. Finally, North Star Investment Management Corp. increased its holdings in shares of Speedway Motorsports by 15.7% in the second quarter. North Star Investment Management Corp. now owns 90,540 shares of the company’s stock valued at $1,654,000 after purchasing an additional 12,300 shares during the period. 21.70% of the stock is currently owned by institutional investors and hedge funds.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 10th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date is Thursday, November 9th. Speedway Motorsports’s dividend payout ratio is presently 70.59%.
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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