Zacks: Speedway Motorsports Inc. (TRK) Receives Consensus Recommendation of “Hold” from Brokerages
Speedway Motorsports Inc. (NYSE:TRK) has been assigned an average broker rating score of 3.00 (Hold) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. Two equities research analysts have rated the stock with a hold rating.
Zacks has also given Speedway Motorsports an industry rank of 66 out of 265 based on the ratings given to related companies.
Separately, Zacks Investment Research lowered Speedway Motorsports from a “hold” rating to a “strong sell” rating in a research note on Saturday, October 29th.
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Shares of Speedway Motorsports (NYSE:TRK) traded down 1.16% during trading on Wednesday, hitting $20.51. 10,937 shares of the stock traded hands. The stock has a market cap of $842.51 million, a price-to-earnings ratio of 23.57 and a beta of 0.78. The stock has a 50 day moving average price of $18.73 and a 200-day moving average price of $17.99. Speedway Motorsports has a 1-year low of $16.62 and a 1-year high of $21.32.
Speedway Motorsports (NYSE:TRK) last posted its quarterly earnings data on Wednesday, October 26th. The company reported $0.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.03. The company had revenue of $170.70 million for the quarter, compared to analysts’ expectations of $145.48 million. Speedway Motorsports had a net margin of 6.93% and a return on equity of 4.92%. Equities analysts forecast that Speedway Motorsports will post $1.03 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Friday, November 11th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.89%. The ex-dividend date is Tuesday, November 8th. Speedway Motorsports’s dividend payout ratio is currently 68.97%.
Hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in shares of Speedway Motorsports by 1.0% in the second quarter. Dimensional Fund Advisors LP now owns 3,095,288 shares of the company’s stock valued at $54,941,000 after buying an additional 31,081 shares in the last quarter. Vanguard Group Inc. raised its stake in Speedway Motorsports by 2.3% in the second quarter. Vanguard Group Inc. now owns 940,889 shares of the company’s stock worth $16,701,000 after buying an additional 21,183 shares during the period. Clark Estates Inc. NY raised its stake in Speedway Motorsports by 11.6% in the third quarter. Clark Estates Inc. NY now owns 554,241 shares of the company’s stock worth $9,899,000 after buying an additional 57,756 shares during the period. BlackRock Fund Advisors raised its stake in Speedway Motorsports by 8.1% in the third quarter. BlackRock Fund Advisors now owns 299,931 shares of the company’s stock worth $5,357,000 after buying an additional 22,392 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Speedway Motorsports by 0.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 272,772 shares of the company’s stock worth $4,842,000 after buying an additional 2,336 shares during the period. 22.15% of the stock is owned by institutional investors and hedge funds.
About Speedway Motorsports
Speedway Motorsports, Inc is engaged in promoting, marketing and sponsoring motorsports activities in the United States. The Company also provides event and non-event souvenir merchandising and distribution services, and food, beverage and hospitality catering services through its subsidiary, SMISC Holdings, Inc It provides radio programming, production and distribution; distributes wholesale and retail motorsports, and other sports-related souvenir merchandise and apparel, and manufactures and distributes smaller-scale, modified racing cars and parts.
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