Speedway Motorsports, Inc. (NYSE:TRK) Stake Reduced by Wells Fargo & Company MN

Wells Fargo & Company MN decreased its stake in Speedway Motorsports, Inc. (NYSE:TRK) by 1.9% during the first quarter, Holdings Channel reports. The firm owned 12,524 shares of the company’s stock after selling 243 shares during the period. Wells Fargo & Company MN’s holdings in Speedway Motorsports were worth $236,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Strs Ohio increased its position in Speedway Motorsports by 6.6% in the first quarter. Strs Ohio now owns 32,400 shares of the company’s stock valued at $610,000 after buying an additional 2,000 shares during the period. Teachers Advisors LLC increased its position in Speedway Motorsports by 32.7% in the fourth quarter. Teachers Advisors LLC now owns 29,866 shares of the company’s stock valued at $647,000 after buying an additional 7,367 shares during the period. State Street Corp increased its position in Speedway Motorsports by 3.5% in the fourth quarter. State Street Corp now owns 259,737 shares of the company’s stock valued at $5,629,000 after buying an additional 8,819 shares during the period. Two Sigma Investments LP acquired a new position in Speedway Motorsports during the fourth quarter valued at $536,000. Finally, First Quadrant L P CA increased its position in Speedway Motorsports by 121.4% in the first quarter. First Quadrant L P CA now owns 48,953 shares of the company’s stock valued at $922,000 after buying an additional 26,846 shares during the period. Hedge funds and other institutional investors own 21.90% of the company’s stock.

Speedway Motorsports, Inc. (TRK) opened at 19.24 on Friday. The company’s 50-day moving average price is $18.07 and its 200 day moving average price is $19.32. Speedway Motorsports, Inc. has a 52-week low of $16.62 and a 52-week high of $22.28. The stock has a market capitalization of $790.07 million, a P/E ratio of 21.59 and a beta of 0.81.

Speedway Motorsports (NYSE:TRK) last issued its earnings results on Friday, April 28th. The company reported $0.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.02. The business had revenue of $80.33 million during the quarter. Speedway Motorsports had a return on equity of 4.94% and a net margin of 7.22%. On average, equities research analysts anticipate that Speedway Motorsports, Inc. will post $0.94 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Tuesday, August 15th will be given a $0.15 dividend. The ex-dividend date is Friday, August 11th. This represents a $0.60 annualized dividend and a dividend yield of 3.12%. Speedway Motorsports’s dividend payout ratio (DPR) is presently 67.42%.

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Several equities analysts recently weighed in on the company. Zacks Investment Research downgraded Speedway Motorsports from a “hold” rating to a “sell” rating in a research report on Saturday, July 15th. TheStreet downgraded Speedway Motorsports from a “b-” rating to a “c+” rating in a research report on Tuesday, May 23rd. Macquarie upgraded Speedway Motorsports from an “underperform” rating to a “neutral” rating in a research report on Friday, May 5th. They noted that the move was a valuation call. Finally, BidaskClub downgraded Speedway Motorsports from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th.

About Speedway Motorsports

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.

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Institutional Ownership by Quarter for Speedway Motorsports (NYSE:TRK)

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