Zacks Investment Research upgraded shares of Speedway Motorsports (NYSE:TRK) from a hold rating to a buy rating in a research report released on Saturday, Zacks.com reports. They currently have $21.00 price target on the stock.
According to Zacks, “Speedway Motorsports, Inc., is a leading marketer and promoter of motorsports entertainment in the United States. The Company owns and operates the following premier facilities: Atlanta Motor Speedway, Bristol Motor Speedway, Infineon Raceway, Las Vegas Motor Speedway, Lowe’s Motor Speedway and Texas Motor Speedway. The Company provides souvenir merchandising services through its SMI Properties subsidiaries and Motorsports Authentics joint venture and manufactures and distributes smaller-scale, modified racing cars through its six hundred Racing subsidiary. The Company also owns Performance Racing Network which broadcasts syndicated motorsports programming to over seven hundred thirty radio stations nationwide. “
Separately, ValuEngine downgraded shares of Viewray from a buy rating to a hold rating in a research report on Wednesday, April 24th.
Speedway Motorsports (NYSE:TRK) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.29. The company had revenue of $107.89 million during the quarter, compared to analyst estimates of $74.35 million. Speedway Motorsports had a net margin of 10.63% and a return on equity of 5.62%. Equities research analysts anticipate that Speedway Motorsports will post 0.95 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA grew its position in Speedway Motorsports by 285.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,638 shares of the company’s stock valued at $38,000 after purchasing an additional 1,954 shares during the period. Meeder Asset Management Inc. boosted its holdings in Speedway Motorsports by 326.5% during the 1st quarter. Meeder Asset Management Inc. now owns 7,792 shares of the company’s stock worth $112,000 after acquiring an additional 5,965 shares during the last quarter. Bessemer Group Inc. boosted its holdings in Speedway Motorsports by 97.4% during the 4th quarter. Bessemer Group Inc. now owns 7,500 shares of the company’s stock worth $122,000 after acquiring an additional 3,700 shares during the last quarter. Carroll Financial Associates Inc. boosted its holdings in Speedway Motorsports by 30.8% during the 1st quarter. Carroll Financial Associates Inc. now owns 8,546 shares of the company’s stock worth $123,000 after acquiring an additional 2,013 shares during the last quarter. Finally, Martingale Asset Management L P purchased a new position in Speedway Motorsports during the 4th quarter worth $232,000. 21.19% of the stock is owned by institutional investors and hedge funds.
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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