Zacks Investment Research Downgrades International Speedway (NASDAQ:ISCA) to Sell

Zacks Investment Research cut shares of International Speedway (NASDAQ:ISCA) from a hold rating to a sell rating in a research note published on Tuesday morning, Zacks.com reports.

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 research analysts have also recently issued reports about the company. ValuEngine cut International Speedway from a buy rating to a hold rating in a research report on Thursday, August 1st. BidaskClub cut International Speedway from a hold rating to a sell rating in a research report on Saturday, September 7th. Finally, Wells Fargo & Co cut International Speedway from a market perform rating to an underperform rating and set a $41.00 price objective on the stock. in a research report on Monday, July 15th. Four analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. International Speedway has an average rating of Sell and an average price target of $33.50.



Shares of ISCA stock traded up $0.05 during trading hours on Tuesday, reaching $45.22. 1,001 shares of the company traded hands, compared to its average volume of 120,654. International Speedway has a 12-month low of $35.12 and a 12-month high of $45.62. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.77 and a quick ratio of 2.77. The company has a market cap of $1.96 billion, a P/E ratio of 24.44, a P/E/G ratio of 7.94 and a beta of 0.65. The firm has a 50-day moving average price of $45.12 and a 200 day moving average price of $44.39.

International Speedway (NASDAQ:ISCA) last posted its quarterly earnings data on Wednesday, July 3rd. The company reported $0.36 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.03). International Speedway had a net margin of 11.27% and a return on equity of 4.82%. The company had revenue of $168.10 million for the quarter, compared to analysts’ expectations of $178.99 million. During the same period in the previous year, the firm earned $0.37 earnings per share. The firm’s quarterly revenue was down 2.1% on a year-over-year basis. Sell-side analysts predict that International Speedway will post 1.89 EPS 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 transaction, the vice president now directly owns 9,778 shares of the company’s stock, valued at approximately $441,183.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 44.70% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its holdings in International Speedway by 0.8% in the 2nd quarter. BlackRock Inc. now owns 2,773,945 shares of the company’s stock worth $124,523,000 after purchasing an additional 21,186 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in International Speedway by 0.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,441,841 shares of the company’s stock worth $64,724,000 after purchasing an additional 11,728 shares in the last quarter. Northern Trust Corp lifted its holdings in International Speedway by 0.3% in the 2nd quarter. Northern Trust Corp now owns 1,091,392 shares of the company’s stock worth $48,992,000 after purchasing an additional 3,688 shares in the last quarter. Mawer Investment Management Ltd. lifted its holdings in International Speedway by 7.9% in the 2nd quarter. Mawer Investment Management Ltd. now owns 740,390 shares of the company’s stock worth $33,236,000 after purchasing an additional 54,050 shares in the last quarter. Finally, ARP Americas LP purchased a new position in International Speedway in the 2nd quarter worth approximately $24,380,000. 47.76% of the stock is currently owned by institutional investors.

About International Speedway

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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