Speedway Motorsports, Inc. (TRK) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of Speedway Motorsports, Inc. (NYSE:TRK) from a buy rating to a hold rating in a report issued on Tuesday.

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 research firms also recently commented on TRK. BidaskClub raised shares of Speedway Motorsports from a hold rating to a buy rating in a research note on Thursday, August 3rd. TheStreet raised shares of Speedway Motorsports from a c+ rating to a b rating in a research note on Wednesday, July 26th.

Shares of Speedway Motorsports (NYSE TRK) traded down 0.426% during trading on Tuesday, hitting $19.865. 31,828 shares of the company traded hands. Speedway Motorsports has a 52 week low of $16.80 and a 52 week high of $23.47. The company has a market capitalization of $814.48 million, a price-to-earnings ratio of 20.758 and a beta of 0.86. The company has a 50 day moving average price of $21.41 and a 200 day moving average price of $19.59.

Speedway Motorsports (NYSE:TRK) last posted its quarterly earnings results on Wednesday, October 25th. The company reported $0.22 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.06). The company had revenue of $137.61 million during the quarter, compared to analysts’ expectations of $141.79 million. Speedway Motorsports had a return on equity of 4.79% and a net margin of 7.26%. On average, analysts expect that Speedway Motorsports will post $0.97 earnings per share for the current year.

WARNING: “Speedway Motorsports, Inc. (TRK) Downgraded by Zacks Investment Research to Hold” was reported by Community Financial News and is owned by of Community Financial News. If you are viewing this news story on another publication, it was stolen and republished in violation of United States and international trademark and copyright legislation. The correct version of this news story can be viewed at https://www.com-unik.info/2017/11/01/speedway-motorsports-inc-trk-downgraded-by-zacks-investment-research-to-hold.html.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 10th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date of this dividend is Thursday, November 9th. Speedway Motorsports’s dividend payout ratio (DPR) is 70.59%.

A number of hedge funds and other institutional investors have recently bought and sold shares of TRK. Bank of New York Mellon Corp increased its position in Speedway Motorsports by 3.7% during the 1st quarter. Bank of New York Mellon Corp now owns 209,251 shares of the company’s stock valued at $3,942,000 after purchasing an additional 7,454 shares during the period. Prudential Financial Inc. increased its position in Speedway Motorsports by 2.1% during the 1st quarter. Prudential Financial Inc. now owns 88,976 shares of the company’s stock valued at $1,676,000 after purchasing an additional 1,793 shares during the period. American International Group Inc. increased its position in Speedway Motorsports by 7.4% during the 1st 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 period. Vanguard Group Inc. increased its position in Speedway Motorsports by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 973,947 shares of the company’s stock valued at $18,349,000 after purchasing an additional 37,153 shares during the period. Finally, Geode Capital Management LLC increased its position in Speedway Motorsports by 3.5% during the 1st quarter. Geode Capital Management LLC now owns 98,045 shares of the company’s stock valued at $1,847,000 after purchasing an additional 3,270 shares during the period. 21.68% of the stock is currently owned by institutional investors and hedge funds.

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.

What are top analysts saying about Speedway Motorsports Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Speedway Motorsports Inc. and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit