Speedway Motorsports (TRK) Raised to “Hold” at ValuEngine

ValuEngine upgraded shares of Speedway Motorsports (NYSE:TRK) from a sell rating to a hold rating in a research note published on Monday, February 4th.

TRK stock traded up $0.32 during trading on Monday, reaching $17.98. 24,370 shares of the company were exchanged, compared to its average volume of 31,821. Speedway Motorsports has a 52-week low of $14.66 and a 52-week high of $20.16. The company has a market cap of $728.03 million, a P/E ratio of 19.76, a P/E/G ratio of -8.57 and a beta of 0.94. The company has a current ratio of 1.73, a quick ratio of 1.61 and a debt-to-equity ratio of 0.21.

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 15th. Shareholders of record on Friday, March 1st will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.34%. The ex-dividend date is Thursday, February 28th. Speedway Motorsports’s dividend payout ratio (DPR) is presently 65.93%.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its stake in shares of Speedway Motorsports by 0.5% during the third quarter. Dimensional Fund Advisors LP now owns 3,239,340 shares of the company’s stock valued at $57,821,000 after buying an additional 17,240 shares during the period. Meeder Asset Management Inc. increased its position in Speedway Motorsports by 186.8% during the fourth quarter. Meeder Asset Management Inc. now owns 1,827 shares of the company’s stock worth $30,000 after purchasing an additional 1,190 shares during the last quarter. Bank of New York Mellon Corp increased its position in Speedway Motorsports by 3.2% during the third quarter. Bank of New York Mellon Corp now owns 291,454 shares of the company’s stock worth $5,203,000 after purchasing an additional 9,134 shares during the last quarter. Marshall Wace LLP acquired a new position in Speedway Motorsports during the third quarter worth approximately $223,000. Finally, First Trust Advisors LP acquired a new position in Speedway Motorsports during the third quarter worth approximately $310,000. 22.23% of the stock is currently owned by institutional investors and hedge funds.

Speedway Motorsports Company Profile

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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