Shares of Speedway Motorsports, Inc. (NYSE:TRK) have earned a consensus broker rating score of 3.00 (Hold) from the three analysts that cover the stock, Zacks Investment Research reports. Three research analysts have rated the stock with a hold recommendation.
Analysts have set a twelve-month consensus price objective of $18.75 for the company and are predicting that the company will post $0.03 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Speedway Motorsports an industry rank of 87 out of 265 based on the ratings given to its competitors.
Separately, Zacks Investment Research lowered Speedway Motorsports from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th.
Speedway Motorsports (NYSE TRK) opened at $18.51 on Wednesday. Speedway Motorsports has a twelve month low of $16.80 and a twelve month high of $23.47. The firm has a market capitalization of $757.49, a price-to-earnings ratio of 20.54, a P/E/G ratio of 3.58 and a beta of 1.04. The company has a current ratio of 1.39, a quick ratio of 1.33 and a debt-to-equity ratio of 0.49.
Speedway Motorsports (NYSE:TRK) last announced its quarterly earnings data on Wednesday, March 7th. The company reported ($0.02) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.01) by ($0.01). Speedway Motorsports had a return on equity of 5.07% and a net margin of 31.30%. The business had revenue of $76.41 million for the quarter, compared to analyst estimates of $82.63 million. analysts expect that Speedway Motorsports will post 1.1 EPS for the current fiscal year.
Speedway Motorsports declared that its Board of Directors has authorized a share buyback program on Wednesday, March 7th that allows the company to buyback 1,000,000 outstanding shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, March 1st will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date is Wednesday, February 28th. Speedway Motorsports’s dividend payout ratio is presently 16.62%.
A number of hedge funds have recently made changes to their positions in the stock. Wells Fargo & Company MN grew its holdings in Speedway Motorsports by 2.2% in the second quarter. Wells Fargo & Company MN now owns 12,803 shares of the company’s stock valued at $234,000 after purchasing an additional 279 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Speedway Motorsports by 7.5% in the second quarter. The Manufacturers Life Insurance Company now owns 11,721 shares of the company’s stock valued at $214,000 after purchasing an additional 821 shares during the last quarter. California Public Employees Retirement System grew its holdings in Speedway Motorsports by 9.7% in the third quarter. California Public Employees Retirement System now owns 37,396 shares of the company’s stock valued at $797,000 after purchasing an additional 3,296 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in Speedway Motorsports by 8.7% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 52,427 shares of the company’s stock valued at $990,000 after purchasing an additional 4,178 shares during the last quarter. Finally, Two Sigma Advisers LP grew its holdings in Speedway Motorsports by 20.4% in the fourth quarter. Two Sigma Advisers LP now owns 28,924 shares of the company’s stock valued at $546,000 after purchasing an additional 4,900 shares during the last quarter. 23.36% of the stock is currently owned by hedge funds and other institutional investors.
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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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