BlackRock Inc. grew its position in Speedway Motorsports, Inc. (NYSE:TRK) by 2.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 719,068 shares of the company’s stock after purchasing an additional 13,784 shares during the period. BlackRock Inc. owned approximately 1.76% of Speedway Motorsports worth $12,483,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of TRK. Northern Trust Corp lifted its holdings in shares of Speedway Motorsports by 2.3% in the first quarter. Northern Trust Corp now owns 159,092 shares of the company’s stock valued at $2,835,000 after purchasing an additional 3,595 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in Speedway Motorsports by 9.3% during the first quarter. Allianz Asset Management GmbH now owns 121,335 shares of the company’s stock worth $2,162,000 after acquiring an additional 10,308 shares in the last quarter. North Star Investment Management Corp. bought a new stake in Speedway Motorsports during the second quarter worth about $1,759,000. First Quadrant L P CA raised its holdings in Speedway Motorsports by 114.1% during the second quarter. First Quadrant L P CA now owns 58,147 shares of the company’s stock worth $1,009,000 after acquiring an additional 30,992 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in Speedway Motorsports by 73.9% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,525 shares of the company’s stock worth $356,000 after acquiring an additional 8,725 shares in the last quarter. Institutional investors own 21.74% of the company’s stock.
Separately, ValuEngine upgraded Speedway Motorsports from a “sell” rating to a “hold” rating in a report on Tuesday, July 31st.
TRK opened at $16.23 on Friday. Speedway Motorsports, Inc. has a 52-week low of $14.66 and a 52-week high of $21.15. The stock has a market cap of $642.93 million, a P/E ratio of 17.84, a P/E/G ratio of -7.63 and a beta of 1.00. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.24 and a current ratio of 1.32.
Speedway Motorsports (NYSE:TRK) last released its earnings results on Wednesday, August 1st. The company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.04). Speedway Motorsports had a return on equity of 4.07% and a net margin of 33.47%. The company had revenue of $165.85 million for the quarter, compared to the consensus estimate of $178.21 million. Equities research analysts predict that Speedway Motorsports, Inc. will post 1.03 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Monday, November 12th will be issued a dividend of $0.15 per share. The ex-dividend date is Thursday, November 8th. This represents a $0.60 annualized dividend and a yield of 3.70%. Speedway Motorsports’s payout ratio is presently 65.93%.
Speedway Motorsports Profile
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.
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