Zacks: Brokerages Set $18.75 Target Price for Speedway Motorsports, Inc. (TRK)

Speedway Motorsports, Inc. (NYSE:TRK) has been given a consensus broker rating score of 3.00 (Hold) from the three brokers that provide coverage for the company, Zacks Investment Research reports. Three investment analysts have rated the stock with a hold recommendation.

Brokerages have set a twelve-month consensus price target of $18.75 for the company and are predicting that the company will post $0.03 EPS for the current quarter, according to Zacks. Zacks has also given Speedway Motorsports an industry rank of 87 out of 265 based on the ratings given to related companies.

Separately, Zacks Investment Research upgraded shares of Speedway Motorsports from a “sell” rating to a “hold” rating in a research report on Thursday, January 25th.

A number of hedge funds have recently modified their holdings of the business. MetLife Investment Advisors LLC purchased a new position in Speedway Motorsports during the fourth quarter worth about $134,000. Two Sigma Advisers LP raised its stake in Speedway Motorsports by 20.4% during the fourth quarter. Two Sigma Advisers LP now owns 28,924 shares of the company’s stock worth $546,000 after purchasing an additional 4,900 shares during the period. Stone Ridge Asset Management LLC purchased a new position in Speedway Motorsports during the fourth quarter worth about $519,000. Deutsche Bank AG raised its stake in Speedway Motorsports by 113.9% during the fourth quarter. Deutsche Bank AG now owns 56,937 shares of the company’s stock worth $1,072,000 after purchasing an additional 30,315 shares during the period. Finally, potrero capital research llc raised its stake in Speedway Motorsports by 5.9% during the fourth quarter. potrero capital research llc now owns 305,524 shares of the company’s stock worth $5,765,000 after purchasing an additional 16,902 shares during the period. 23.36% of the stock is currently owned by institutional investors.

Speedway Motorsports (TRK) opened at $18.51 on Wednesday. The firm has a market cap of $758.31, a PE ratio of 26.44, a P/E/G ratio of 3.53 and a beta of 1.04. Speedway Motorsports has a 52-week low of $16.80 and a 52-week high of $23.47. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.33 and a current ratio of 1.39.

Speedway Motorsports (NYSE:TRK) last posted its quarterly earnings results on Wednesday, March 7th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The business had revenue of $76.41 million for the quarter, compared to analyst estimates of $82.63 million. Speedway Motorsports had a return on equity of 5.07% and a net margin of 31.30%. analysts anticipate that Speedway Motorsports will post 1.13 EPS for the current fiscal year.

Speedway Motorsports declared that its Board of Directors has approved a share repurchase program on Wednesday, March 7th that permits the company to buyback 1,000,000 outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date of this dividend is Wednesday, February 28th. Speedway Motorsports’s dividend payout ratio (DPR) is presently 85.71%.

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Speedway Motorsports Company Profile

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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