Speedway Motorsports, Inc. (TRK) Downgraded to “C+” at TheStreet

Speedway Motorsports, Inc. (NYSE:TRK) was downgraded by equities researchers at TheStreet from a “b” rating to a “c+” rating in a research note issued on Wednesday.

Several other research firms have also recently commented on TRK. Zacks Investment Research cut Speedway Motorsports from a “hold” rating to a “sell” rating in a report on Saturday, July 15th. BidaskClub raised Speedway Motorsports from a “hold” rating to a “buy” rating in a report on Thursday, August 3rd.

Speedway Motorsports (NYSE TRK) traded down 0.51% during mid-day trading on Wednesday, hitting $19.50. The stock had a trading volume of 9,577 shares. The stock has a 50-day moving average price of $21.56 and a 200 day moving average price of $19.58. Speedway Motorsports has a 12-month low of $16.80 and a 12-month high of $23.47. The firm has a market cap of $799.52 million, a P/E ratio of 20.38 and a beta of 0.86.

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 consensus estimate of $0.28 by ($0.06). The business had revenue of $137.61 million during the quarter, compared to analyst estimates of $141.79 million. Speedway Motorsports had a net margin of 7.26% and a return on equity of 4.79%. Equities analysts anticipate that Speedway Motorsports will post $0.98 EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its stake in Speedway Motorsports by 0.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,159,301 shares of the company’s stock valued at $57,720,000 after purchasing an additional 27,458 shares in the last quarter. Vanguard Group Inc. increased its stake in Speedway Motorsports by 6.6% in the 2nd quarter. Vanguard Group Inc. now owns 1,038,139 shares of the company’s stock valued at $18,966,000 after purchasing an additional 64,192 shares in the last quarter. Clark Estates Inc. NY increased its stake in Speedway Motorsports by 15.3% in the 2nd quarter. Clark Estates Inc. NY now owns 292,288 shares of the company’s stock valued at $5,340,000 after purchasing an additional 38,677 shares in the last quarter. potrero capital research llc increased its stake in Speedway Motorsports by 9.0% in the 2nd quarter. potrero capital research llc now owns 288,622 shares of the company’s stock valued at $5,273,000 after purchasing an additional 23,767 shares in the last quarter. Finally, State Street Corp increased its stake in Speedway Motorsports by 3.6% in the 2nd quarter. State Street Corp now owns 226,235 shares of the company’s stock valued at $4,131,000 after purchasing an additional 7,871 shares in the last quarter. 21.70% of the stock is owned by hedge funds and other institutional investors.

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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