Two Sigma Advisers LP Buys 4,900 Shares of Speedway Motorsports (TRK)

Two Sigma Advisers LP boosted its holdings in shares of Speedway Motorsports (NYSE:TRK) by 20.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,924 shares of the company’s stock after purchasing an additional 4,900 shares during the period. Two Sigma Advisers LP owned about 0.07% of Speedway Motorsports worth $546,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Algert Global LLC bought a new stake in Speedway Motorsports during the fourth quarter worth $268,000. Ramsey Quantitative Systems bought a new stake in Speedway Motorsports during the fourth quarter worth $275,000. Investors Research Corp bought a new stake in Speedway Motorsports during the fourth quarter worth $282,000. Russell Investments Group Ltd. bought a new stake in Speedway Motorsports during the third quarter worth $344,000. Finally, Wells Fargo & Company MN lifted its stake in Speedway Motorsports by 47.8% during the fourth quarter. Wells Fargo & Company MN now owns 17,216 shares of the company’s stock worth $325,000 after purchasing an additional 5,569 shares during the last quarter. Hedge funds and other institutional investors own 23.36% of the company’s stock.

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NYSE TRK opened at $18.01 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.39 and a quick ratio of 1.31. Speedway Motorsports has a fifty-two week low of $16.80 and a fifty-two week high of $23.47. The firm has a market cap of $737.42, a price-to-earnings ratio of 20.00, a price-to-earnings-growth ratio of 2.98 and a beta of 1.05.

Speedway Motorsports (NYSE:TRK) last released its earnings results on Wednesday, March 7th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). Speedway Motorsports had a return on equity of 4.48% and a net margin of 31.30%. The business had revenue of $76.41 million for the quarter, compared to the consensus estimate of $82.63 million. analysts predict that Speedway Motorsports will post 1.1 EPS for the current fiscal year.

Speedway Motorsports announced that its board has authorized a stock repurchase program on Wednesday, March 7th that allows the company to buyback 1,000,000 shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Separately, Zacks Investment Research upgraded Speedway Motorsports from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Wednesday, January 31st.

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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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Institutional Ownership by Quarter for Speedway Motorsports (NYSE:TRK)

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