Zacks Investment Research lowered shares of Speedway Motorsports (NYSE:TRK) from a hold rating to a sell rating in a research report sent to investors 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. “
TRK has been the subject of a number of other research reports. TheStreet raised Speedway Motorsports from a c+ rating to a b rating in a research note on Monday, February 4th. ValuEngine raised Speedway Motorsports from a sell rating to a hold rating in a research note on Monday, February 4th.
TRK stock traded down $0.85 during mid-day trading on Friday, reaching $13.96. The company’s stock had a trading volume of 70,255 shares, compared to its average volume of 37,437. The company has a market cap of $604.39 million, a P/E ratio of 14.81, a PEG ratio of -7.79 and a beta of 0.97. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.61 and a current ratio of 1.70. Speedway Motorsports has a 12 month low of $13.60 and a 12 month high of $18.57.
Speedway Motorsports (NYSE:TRK) last issued its earnings results on Wednesday, March 13th. The company reported ($0.27) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.23) by ($0.04). The business had revenue of $56.36 million during the quarter. Speedway Motorsports had a return on equity of 4.42% and a net margin of 8.94%. On average, research analysts predict that Speedway Motorsports will post 0.95 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a $0.15 dividend. The ex-dividend date was Thursday, February 28th. This represents a $0.60 dividend on an annualized basis and a yield of 4.30%. Speedway Motorsports’s dividend payout ratio (DPR) is presently 60.00%.
A number of institutional investors have recently made changes to their positions in TRK. Bank of New York Mellon Corp grew its stake in Speedway Motorsports by 1.9% in the second quarter. Bank of New York Mellon Corp now owns 282,320 shares of the company’s stock valued at $4,901,000 after acquiring an additional 5,301 shares during the period. Northern Trust Corp grew its stake in Speedway Motorsports by 8.2% in the second quarter. Northern Trust Corp now owns 172,126 shares of the company’s stock valued at $2,989,000 after acquiring an additional 13,034 shares during the period. First Trust Advisors LP acquired a new stake in Speedway Motorsports in the third quarter valued at approximately $310,000. JPMorgan Chase & Co. grew its stake in Speedway Motorsports by 2.0% in the third quarter. JPMorgan Chase & Co. now owns 155,153 shares of the company’s stock valued at $2,770,000 after acquiring an additional 3,111 shares during the period. Finally, BlackRock Inc. grew its stake in Speedway Motorsports by 0.5% in the third quarter. BlackRock Inc. now owns 722,503 shares of the company’s stock valued at $12,897,000 after acquiring an additional 3,435 shares during the period. 21.83% of the stock is owned by hedge funds and other institutional investors.
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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