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.
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 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.
ILLEGAL ACTIVITY NOTICE: This story was reported by StockNewsTimes and is the property of of StockNewsTimes. If you are reading this story on another domain, it was illegally copied and republished in violation of US & international copyright laws. The original version of this story can be read at https://stocknewstimes.com/2018/04/20/two-sigma-advisers-lp-buys-4900-shares-of-speedway-motorsports-trk.html.
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.
Want to see what other hedge funds are holding TRK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Speedway Motorsports (NYSE:TRK).
Receive News & Ratings for Speedway Motorsports Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Speedway Motorsports and related companies with MarketBeat.com's FREE daily email newsletter.