Speedway Motorsports, Inc. (NYSE:TRK) Short Interest Update

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Speedway Motorsports, Inc. (NYSE:TRK) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 74,500 shares, an increase of 19.8% from the July 31st total of 62,200 shares. Based on an average daily trading volume, of 118,500 shares, the short-interest ratio is presently 0.6 days. Approximately 0.7% of the company’s stock are sold short.

Shares of Speedway Motorsports stock traded down $0.01 during midday trading on Friday, hitting $19.74. The company’s stock had a trading volume of 153,900 shares, compared to its average volume of 125,745. The firm has a market capitalization of $806.05 million, a P/E ratio of 19.74 and a beta of 0.91. The stock has a 50-day simple moving average of $19.76 and a 200-day simple moving average of $17.85. The company has a quick ratio of 1.67, a current ratio of 1.77 and a debt-to-equity ratio of 0.21. Speedway Motorsports has a 1-year low of $13.47 and a 1-year high of $19.90.

Speedway Motorsports (NYSE:TRK) last issued its earnings results on Wednesday, July 31st. The company reported $0.44 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.03). The business had revenue of $141.87 million during the quarter, compared to analyst estimates of $143.46 million. Speedway Motorsports had a return on equity of 4.22% and a net margin of 8.07%. As a group, sell-side analysts predict that Speedway Motorsports will post 0.94 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Thursday, August 15th were given a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.04%. Speedway Motorsports’s dividend payout ratio (DPR) is presently 60.00%.

Several brokerages have recently commented on TRK. Wells Fargo & Co cut Speedway Motorsports from a “market perform” rating to an “underperform” rating in a research report on Monday, July 15th. Zacks Investment Research cut Speedway Motorsports from a “hold” rating to a “sell” rating in a research report on Friday, August 2nd.

Several institutional investors have recently modified their holdings of the company. D. E. Shaw & Co. Inc. boosted its position in shares of Speedway Motorsports by 4.0% in the second quarter. D. E. Shaw & Co. Inc. now owns 22,763 shares of the company’s stock worth $422,000 after buying an additional 884 shares during the period. Gamco Investors INC. ET AL raised its holdings in shares of Speedway Motorsports by 1.9% during the second quarter. Gamco Investors INC. ET AL now owns 55,000 shares of the company’s stock worth $1,020,000 after acquiring an additional 1,000 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Speedway Motorsports by 29.5% during the second quarter. Russell Investments Group Ltd. now owns 6,994 shares of the company’s stock worth $130,000 after acquiring an additional 1,594 shares in the last quarter. BNP Paribas Arbitrage SA raised its holdings in shares of Speedway Motorsports by 285.7% during the first quarter. BNP Paribas Arbitrage SA now owns 2,638 shares of the company’s stock worth $38,000 after acquiring an additional 1,954 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in shares of Speedway Motorsports by 30.2% during the second quarter. Meeder Asset Management Inc. now owns 10,148 shares of the company’s stock worth $188,000 after acquiring an additional 2,356 shares in the last quarter. 21.99% of the stock is owned by institutional investors and hedge funds.

About Speedway Motorsports

Speedway Motorsports, Inc, through its subsidiaries, promotes, markets, and sponsors motorsports activities in the United States. The company owns and operates eight racing facilities, including Atlanta Motor Speedway, Bristol Motor Speedway, Charlotte Motor Speedway, Kentucky Speedway, Las Vegas Motor Speedway, New Hampshire Motor Speedway, Sonoma Raceway, and Texas Motor Speedway racing facilities.

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