Vanguard Group Inc. raised its stake in shares of Speedway Motorsports, Inc. (NYSE:TRK) by 4.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 973,947 shares of the company’s stock after buying an additional 37,153 shares during the period. Vanguard Group Inc. owned approximately 2.37% of Speedway Motorsports worth $18,349,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the stock. American International Group Inc. raised its position in shares of Speedway Motorsports by 7.4% in the first quarter. American International Group Inc. now owns 7,255 shares of the company’s stock valued at $137,000 after buying an additional 498 shares during the period. Prudential Financial Inc. raised its position in shares of Speedway Motorsports by 2.1% in the first quarter. Prudential Financial Inc. now owns 88,976 shares of the company’s stock valued at $1,676,000 after buying an additional 1,793 shares during the period. Strs Ohio raised its position in shares of 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. Alambic Investment Management L.P. raised its position in shares of Speedway Motorsports by 61.3% in the first quarter. Alambic Investment Management L.P. now owns 15,805 shares of the company’s stock valued at $298,000 after buying an additional 6,005 shares during the period. Finally, Teachers Advisors LLC raised its position in shares of 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. 21.76% of the stock is owned by institutional investors.
Speedway Motorsports, Inc. (TRK) traded up 0.58% during midday trading on Friday, hitting $20.67. The company’s stock had a trading volume of 8,656 shares. The firm has a market cap of $847.49 million, a P/E ratio of 21.60 and a beta of 0.84. Speedway Motorsports, Inc. has a 12 month low of $16.80 and a 12 month high of $22.29. The company’s 50 day moving average price is $19.81 and its 200 day moving average price is $19.19.
Speedway Motorsports (NYSE:TRK) last announced its earnings results on Wednesday, July 26th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.05. Speedway Motorsports had a net margin of 7.66% and a return on equity of 5.33%. The business had revenue of $179.25 million for the quarter. Analysts expect that Speedway Motorsports, Inc. will post $1.00 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Tuesday, August 15th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, August 11th. This represents a $0.60 dividend on an annualized basis and a yield of 2.92%. Speedway Motorsports’s payout ratio is presently 62.50%.
Several equities analysts have weighed in on the company. BidaskClub raised Speedway Motorsports from a “hold” rating to a “buy” rating in a report on Thursday, August 3rd. TheStreet raised Speedway Motorsports from a “c+” rating to a “b” rating in a report on Wednesday, July 26th. Zacks Investment Research raised Speedway Motorsports from a “sell” rating to a “hold” rating and set a $24.00 price objective for the company in a report on Thursday, July 27th. Finally, Macquarie raised Speedway Motorsports from an “underperform” rating to a “neutral” rating in a report on Friday, May 5th. They noted that the move was a valuation call.
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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