Speedway Motorsports, Inc. (NYSE:TRK) Short Interest Update

Speedway Motorsports, Inc. (NYSE:TRK) was the target of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 74,500 shares, a growth of 19.8% from the July 31st total of 62,200 shares. Currently, 0.7% of the shares of the company are sold short. Based on an average daily volume of 118,500 shares, the days-to-cover ratio is currently 0.6 days.

A number of analysts have recently weighed in on TRK shares. Zacks Investment Research cut Speedway Motorsports from a “hold” rating to a “sell” rating in a research report on Friday, August 2nd. Wells Fargo & Co cut Speedway Motorsports from a “market perform” rating to an “underperform” rating in a research report on Monday, July 15th.

TRK traded down $0.01 during trading hours on Friday, hitting $19.74. The company’s stock had a trading volume of 153,900 shares, compared to its average volume of 125,745. Speedway Motorsports has a fifty-two week low of $13.47 and a fifty-two week high of $19.90. The company has a current ratio of 1.77, a quick ratio of 1.67 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $806.05 million, a PE ratio of 19.74 and a beta of 0.91. The company has a 50-day simple moving average of $19.76 and a 200 day simple moving average of $17.85.

Speedway Motorsports (NYSE:TRK) last posted its earnings results on Wednesday, July 31st. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.03). Speedway Motorsports had a net margin of 8.07% and a return on equity of 4.22%. The business had revenue of $141.87 million during the quarter, compared to analyst estimates of $143.46 million. Research analysts expect that Speedway Motorsports will post 0.94 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Thursday, August 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.04%. The ex-dividend date was Wednesday, August 14th. Speedway Motorsports’s dividend payout ratio is currently 60.00%.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Speedway Motorsports by 6.1% in the 2nd quarter. Vanguard Group Inc. now owns 1,058,800 shares of the company’s stock valued at $19,640,000 after acquiring an additional 60,914 shares during the period. Bank of New York Mellon Corp increased its position in Speedway Motorsports by 2.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 231,724 shares of the company’s stock valued at $4,299,000 after acquiring an additional 6,045 shares during the period. Northern Trust Corp increased its position in Speedway Motorsports by 1.7% in the 2nd quarter. Northern Trust Corp now owns 177,875 shares of the company’s stock valued at $3,299,000 after acquiring an additional 3,036 shares during the period. Polar Asset Management Partners Inc. acquired a new stake in Speedway Motorsports in the 2nd quarter valued at approximately $2,078,000. Finally, State of New Jersey Common Pension Fund D acquired a new stake in Speedway Motorsports in the 2nd quarter valued at approximately $1,484,000. Hedge funds and other institutional investors own 21.99% 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.

See Also: Producer Price Index (PPI)

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