Speedway Motorsports (NYSE:TRK) Rating Lowered to Hold at Zacks Investment Research

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Zacks Investment Research cut shares of Speedway Motorsports (NYSE:TRK) from a buy rating to a hold rating in a report released on Thursday, Zacks.com reports.

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. “

Several other equities analysts also recently weighed in on TRK. ValuEngine downgraded Viewray from a buy rating to a hold rating in a report on Wednesday, April 24th. Wells Fargo & Co restated a sell rating on shares of Bausch Health Companies in a report on Monday, July 15th.

TRK opened at $18.89 on Thursday. The business has a fifty day moving average price of $18.50. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.48 and a current ratio of 1.58. The company has a market capitalization of $771.41 million, a P/E ratio of 18.89 and a beta of 0.94. Speedway Motorsports has a 12-month low of $13.47 and a 12-month high of $19.04.

Speedway Motorsports (NYSE:TRK) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.29. Speedway Motorsports had a return on equity of 5.62% and a net margin of 10.63%. The firm had revenue of $107.89 million during the quarter, compared to the consensus estimate of $74.35 million. On average, sell-side analysts predict that Speedway Motorsports will post 0.94 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers increased its stake in shares of Speedway Motorsports by 37.8% in the 4th quarter. Rhumbline Advisers now owns 17,981 shares of the company’s stock valued at $293,000 after acquiring an additional 4,933 shares in the last quarter. Prudential Financial Inc. increased its stake in shares of Speedway Motorsports by 1.5% in the 4th quarter. Prudential Financial Inc. now owns 75,135 shares of the company’s stock valued at $1,222,000 after acquiring an additional 1,111 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Speedway Motorsports by 18.5% in the 4th quarter. First Trust Advisors LP now owns 20,610 shares of the company’s stock valued at $335,000 after acquiring an additional 3,216 shares in the last quarter. BlackRock Inc. increased its stake in shares of Speedway Motorsports by 10.9% in the 4th quarter. BlackRock Inc. now owns 800,907 shares of the company’s stock valued at $13,032,000 after acquiring an additional 78,404 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of Speedway Motorsports by 1.2% in the 4th quarter. Northern Trust Corp now owns 177,987 shares of the company’s stock valued at $2,896,000 after acquiring an additional 2,097 shares in the last quarter. Institutional investors own 21.19% of the company’s stock.

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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