Bank of New York Mellon Corp boosted its position in Speedway Motorsports Inc. (NYSE:TRK) by 6.9% during the second quarter, Holdings Channel reports. The institutional investor owned 167,614 shares of the company’s stock after buying an additional 10,852 shares during the period. Bank of New York Mellon Corp owned 0.41% of Speedway Motorsports worth $2,975,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of TRK. American Century Companies Inc. raised its position in shares of Speedway Motorsports by 2.9% in the second quarter. American Century Companies Inc. now owns 15,913 shares of the company’s stock worth $282,000 after buying an additional 453 shares in the last quarter. Strs Ohio raised its stake in shares of Speedway Motorsports by 11.5% in the second quarter. Strs Ohio now owns 34,900 shares of the company’s stock worth $619,000 after buying an additional 3,600 shares during the period. Geode Capital Management LLC raised its stake in shares of Speedway Motorsports by 1.9% in the first quarter. Geode Capital Management LLC now owns 89,456 shares of the company’s stock worth $1,773,000 after buying an additional 1,658 shares during the period. State Street Corp raised its stake in shares of Speedway Motorsports by 27.1% in the first quarter. State Street Corp now owns 244,947 shares of the company’s stock worth $4,857,000 after buying an additional 52,225 shares during the period. Finally, William Harris Investors Inc. raised its stake in shares of Speedway Motorsports by 1.5% in the first quarter. William Harris Investors Inc. now owns 380,717 shares of the company’s stock worth $7,550,000 after buying an additional 5,810 shares during the period. Hedge funds and other institutional investors own 22.12% of the company’s stock.
Shares of Speedway Motorsports Inc. (NYSE:TRK) traded up 2.17% during midday trading on Friday, hitting $17.86. 41,378 shares of the stock were exchanged. Speedway Motorsports Inc. has a 12-month low of $16.62 and a 12-month high of $21.32. The stock’s 50 day moving average is $17.83 and its 200 day moving average is $17.93. The firm has a market cap of $734.80 million, a P/E ratio of 23.88 and a beta of 0.85.
Speedway Motorsports (NYSE:TRK) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.60 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by $0.10. Speedway Motorsports had a return on equity of 4.86% and a net margin of 6.26%. The business had revenue of $175.70 million for the quarter, compared to analyst estimates of $179.30 million. On average, equities research analysts forecast that Speedway Motorsports Inc. will post $0.93 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 5th. Stockholders of record on Monday, August 15th were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, August 11th. This represents a $0.60 annualized dividend and a dividend yield of 3.36%. Speedway Motorsports’s dividend payout ratio (DPR) is 80.00%.
A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Speedway Motorsports from a “sell” rating to a “hold” rating in a research note on Thursday, September 15th. TheStreet upgraded shares of Speedway Motorsports from a “hold” rating to a “buy” rating in a research note on Wednesday, July 27th.
About Speedway Motorsports
Speedway Motorsports, Inc is engaged in promoting, marketing and sponsoring motorsports activities in the United States. The Company also provides event and non-event souvenir merchandising and distribution services, and food, beverage and hospitality catering services through its subsidiary, SMISC Holdings, Inc It provides radio programming, production and distribution; distributes wholesale and retail motorsports, and other sports-related souvenir merchandise and apparel, and manufactures and distributes smaller-scale, modified racing cars and parts.
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