Zacks Investment Research Downgrades Speedway Motorsports (NYSE:TRK) to Sell

Zacks Investment Research lowered shares of Speedway Motorsports (NYSE:TRK) from a hold rating to a sell rating in a report issued on Wednesday, December 27th.

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. “

Separately, TheStreet downgraded shares of Speedway Motorsports from a b rating to a c+ rating in a research report on Wednesday, October 25th.

Speedway Motorsports (NYSE TRK) traded down $0.31 during mid-day trading on Wednesday, hitting $19.09. 17,609 shares of the stock were exchanged, compared to its average volume of 26,425. Speedway Motorsports has a 52 week low of $16.80 and a 52 week high of $23.47. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.33 and a current ratio of 1.42. The firm has a market cap of $795.59, a P/E ratio of 22.46, a price-to-earnings-growth ratio of -5.26 and a beta of 0.88.

Speedway Motorsports (NYSE:TRK) last posted its quarterly earnings results on Wednesday, October 25th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.06). Speedway Motorsports had a net margin of 7.26% and a return on equity of 4.79%. The company had revenue of $137.61 million for the quarter, compared to analyst estimates of $141.79 million. equities research analysts expect that Speedway Motorsports will post 0.95 earnings per share for the current year.

In related news, Director Mark M. Gambill sold 12,000 shares of Speedway Motorsports stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $20.00, for a total transaction of $240,000.00. Following the completion of the transaction, the director now directly owns 40,428 shares in the company, valued at approximately $808,560. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 72.00% of the company’s stock.

Several institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN raised its position in shares of Speedway Motorsports by 2.2% during the 2nd quarter. Wells Fargo & Company MN now owns 12,803 shares of the company’s stock worth $234,000 after purchasing an additional 279 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Speedway Motorsports by 7.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,721 shares of the company’s stock worth $214,000 after purchasing an additional 821 shares during the last quarter. Rhumbline Advisers raised its position in shares of Speedway Motorsports by 6.0% during the 2nd quarter. Rhumbline Advisers now owns 17,401 shares of the company’s stock worth $318,000 after purchasing an additional 986 shares during the last quarter. Citadel Advisors LLC raised its position in shares of Speedway Motorsports by 6.6% during the 2nd quarter. Citadel Advisors LLC now owns 24,488 shares of the company’s stock worth $447,000 after purchasing an additional 1,521 shares during the last quarter. Finally, CWA Asset Management Group LLC raised its position in shares of Speedway Motorsports by 3.0% during the 2nd quarter. CWA Asset Management Group LLC now owns 67,411 shares of the company’s stock worth $1,232,000 after purchasing an additional 1,957 shares during the last quarter. Hedge funds and other institutional investors own 21.18% of the company’s stock.

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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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