Speedway Motorsports, Inc. (TRK) Cut to Hold at Zacks Investment Research

Speedway Motorsports, Inc. (NYSE:TRK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.

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. “

Other equities analysts have also recently issued reports about the stock. TheStreet upgraded shares of Speedway Motorsports from a “c+” rating to a “b” rating in a research report on Wednesday, July 26th. BidaskClub upgraded shares of Speedway Motorsports from a “hold” rating to a “buy” rating in a research report on Thursday, August 3rd.

Speedway Motorsports (TRK) opened at 20.94 on Friday. The company has a 50-day moving average of $20.97 and a 200 day moving average of $19.10. The firm has a market cap of $858.56 million, a price-to-earnings ratio of 21.88 and a beta of 0.85. Speedway Motorsports has a 52-week low of $16.80 and a 52-week high of $22.29.

Speedway Motorsports (NYSE:TRK) last issued its earnings results on Wednesday, July 26th. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.63 by $0.05. The company had revenue of $179.25 million during the quarter. Speedway Motorsports had a net margin of 7.66% and a return on equity of 5.33%. On average, equities research analysts anticipate that Speedway Motorsports will post $1.00 EPS for the current year.

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A number of hedge funds have recently added to or reduced their stakes in TRK. Teachers Advisors LLC increased its position in Speedway Motorsports by 32.7% during the 4th quarter. Teachers Advisors LLC now owns 29,866 shares of the company’s stock worth $647,000 after purchasing an additional 7,367 shares in the last quarter. Strs Ohio increased its position in Speedway Motorsports by 6.6% during the 1st quarter. Strs Ohio now owns 32,400 shares of the company’s stock worth $610,000 after purchasing an additional 2,000 shares in the last quarter. 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 worth $3,942,000 after purchasing an additional 7,454 shares in the last quarter. Alambic Investment Management L.P. increased its position in Speedway Motorsports by 61.3% during the 1st quarter. Alambic Investment Management L.P. now owns 15,805 shares of the company’s stock worth $298,000 after purchasing an additional 6,005 shares in the last quarter. Finally, Brandes Investment Partners LP increased its position in Speedway Motorsports by 22.4% during the 1st quarter. Brandes Investment Partners LP now owns 132,806 shares of the company’s stock worth $2,502,000 after purchasing an additional 24,302 shares in the last quarter. Institutional investors and hedge funds own 22.39% of the company’s stock.

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.

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