Speedway Motorsports, Inc. (NYSE:TRK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday, October 31st.
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. “
A number of other equities research analysts have also weighed in on the stock. BidaskClub lowered shares of Speedway Motorsports from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. TheStreet lowered shares of Speedway Motorsports from a “b” rating to a “c+” rating in a research note on Wednesday, October 25th.
Shares of Speedway Motorsports (NYSE TRK) opened at $19.62 on Tuesday. Speedway Motorsports has a 12 month low of $16.80 and a 12 month high of $23.47. The company has a quick ratio of 1.33, a current ratio of 1.42 and a debt-to-equity ratio of 0.28. The firm has a market cap of $803.78, a PE ratio of 21.10, a price-to-earnings-growth ratio of 10.01 and a beta of 0.89.
Speedway Motorsports (NYSE:TRK) last issued its earnings results on Wednesday, October 25th. The company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.06). The firm had revenue of $137.61 million during the quarter, compared to analyst estimates of $141.79 million. Speedway Motorsports had a net margin of 7.26% and a return on equity of 4.79%. equities analysts expect that Speedway Motorsports will post 0.98 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wells Fargo & Company MN raised its holdings in 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 buying an additional 279 shares during the last quarter. American International Group Inc. raised its holdings 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 valued at $137,000 after purchasing an additional 498 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Speedway Motorsports by 7.5% in the second quarter. The Manufacturers Life Insurance Company now owns 11,721 shares of the company’s stock valued at $214,000 after purchasing an additional 821 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Speedway Motorsports by 6.0% in the second quarter. Rhumbline Advisers now owns 17,401 shares of the company’s stock valued at $318,000 after purchasing an additional 986 shares during the last quarter. Finally, Strs Ohio grew its position in Speedway Motorsports by 4.0% during the second quarter. Strs Ohio now owns 33,700 shares of the company’s stock valued at $615,000 after buying an additional 1,300 shares during the period. Hedge funds and other institutional investors own 21.70% of the company’s stock.
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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