Speedway Motorsports, Inc. (NYSE:TRK) saw a significant decrease in short interest in the month of July. As of July 31st, there was short interest totalling 62,200 shares, a decrease of 47.7% from the June 30th total of 118,900 shares. Based on an average daily volume of 84,500 shares, the short-interest ratio is presently 0.7 days. Approximately 0.6% of the company’s shares are short sold.
A number of analysts have issued reports on the stock. Zacks Investment Research lowered shares of Speedway Motorsports from a “hold” rating to a “sell” rating in a research note on Friday, August 2nd. ValuEngine upgraded shares of Speedway Motorsports from a “sell” rating to a “hold” rating in a research note on Wednesday, April 24th. Finally, Wells Fargo & Co lowered shares of Speedway Motorsports from a “market perform” rating to an “underperform” rating in a research note on Monday, July 15th.
Several institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp grew its position in shares of Speedway Motorsports by 2.7% during the second quarter. Bank of New York Mellon Corp now owns 231,724 shares of the company’s stock worth $4,299,000 after buying an additional 6,045 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Speedway Motorsports by 12.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 70,674 shares of the company’s stock worth $1,312,000 after buying an additional 8,021 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Speedway Motorsports by 29.5% during the second quarter. Russell Investments Group Ltd. now owns 6,994 shares of the company’s stock worth $130,000 after buying an additional 1,594 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new position in shares of Speedway Motorsports during the second quarter worth about $617,000. Finally, Acadian Asset Management LLC grew its position in shares of Speedway Motorsports by 158.6% during the second quarter. Acadian Asset Management LLC now owns 25,426 shares of the company’s stock worth $472,000 after buying an additional 15,594 shares in the last quarter. 21.22% of the stock is owned by institutional investors and hedge funds.
Shares of Speedway Motorsports stock traded up $0.02 on Monday, reaching $19.84. 86,200 shares of the company were exchanged, compared to its average volume of 68,564. Speedway Motorsports has a 1-year low of $13.47 and a 1-year high of $19.90. The company has a market capitalization of $809.72 million, a P/E ratio of 19.84 and a beta of 0.94. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.48 and a current ratio of 1.77. The stock’s 50 day moving average is $19.08.
Speedway Motorsports (NYSE:TRK) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.44 EPS for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.03). Speedway Motorsports had a return on equity of 4.22% and a net margin of 8.07%. The company had revenue of $141.87 million for the quarter, compared to analyst estimates of $143.46 million. On average, equities research analysts expect that Speedway Motorsports will post 0.94 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Thursday, August 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Wednesday, August 14th. Speedway Motorsports’s dividend payout ratio is presently 60.00%.
About Speedway Motorsports
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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