According to Zacks, “International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities. The Company owns and/or operates 13 of the nation’s major motorsports entertainment facilities, including Daytona International Speedway in Florida (home of the DAYTONA 500); Talladega Superspeedway in Alabama; Michigan International Speedway located outside Detroit; Richmond Raceway in Virginia; Auto Club Speedway of Southern CaliforniaSM near Los Angeles; Kansas Speedway in Kansas City, Kansas; Phoenix Raceway in Arizona; Chicagoland Speedway and Route 66 RacewaySM near Chicago, Illinois; Darlington Raceway in South Carolina; and Watkins Glen International in New York. The Company also owns and operates Motor Racing NetworkSM, the nation’s largest independent sports radio network and Americrown Service CorporationSM, a subsidiary that provides catering services, and food and beverage concessions. “
Other analysts have also issued research reports about the company. ValuEngine lowered International Speedway from a buy rating to a hold rating in a report on Thursday, August 1st. BidaskClub upgraded International Speedway from a hold rating to a buy rating in a report on Tuesday, August 6th. Finally, Wells Fargo & Co lowered International Speedway from a market perform rating to an underperform rating and set a $41.00 price target for the company. in a report on Monday, July 15th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. International Speedway currently has a consensus rating of Hold and a consensus price target of $33.50.
International Speedway (NASDAQ:ISCA) last announced its quarterly earnings results on Wednesday, July 3rd. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). The firm had revenue of $168.10 million during the quarter, compared to analysts’ expectations of $178.99 million. International Speedway had a net margin of 11.27% and a return on equity of 4.82%. The firm’s revenue for the quarter was down 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.37 EPS. Analysts forecast that International Speedway will post 1.89 earnings per share for the current year.
In related news, VP Derek Muldowney sold 2,594 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $45.12, for a total value of $117,041.28. Following the completion of the sale, the vice president now owns 9,778 shares in the company, valued at $441,183.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 44.70% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. lifted its holdings in International Speedway by 0.8% during the second quarter. BlackRock Inc. now owns 2,773,945 shares of the company’s stock worth $124,523,000 after buying an additional 21,186 shares during the period. Renaissance Technologies LLC lifted its holdings in International Speedway by 0.8% during the second quarter. Renaissance Technologies LLC now owns 1,441,841 shares of the company’s stock worth $64,724,000 after buying an additional 11,728 shares during the period. Northern Trust Corp lifted its holdings in International Speedway by 0.3% during the second quarter. Northern Trust Corp now owns 1,091,392 shares of the company’s stock worth $48,992,000 after buying an additional 3,688 shares during the period. Mawer Investment Management Ltd. lifted its holdings in International Speedway by 7.9% during the second quarter. Mawer Investment Management Ltd. now owns 740,390 shares of the company’s stock worth $33,236,000 after buying an additional 54,050 shares during the period. Finally, Norges Bank purchased a new stake in International Speedway during the fourth quarter worth $24,474,000. Institutional investors own 50.68% of the company’s stock.
International Speedway Company Profile
International Speedway Corporation, together with its subsidiaries, promotes motorsports themed entertainment activities in the United States. Its motorsports themed event operations consist principally of racing events at its motorsports entertainment facilities, which promote approximately 100 stock car, open wheel, sports car, truck, motorcycle, and other racing events.
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