International Speedway Corp. (ISCA) Sees Large Volume Increase Following Strong Earnings
International Speedway Corp. (NASDAQ:ISCA) saw unusually-strong trading volume on Friday following a better than expected earnings announcement. Approximately 174,364 shares traded hands during mid-day trading, a decline of 5% from the previous session’s volume of 183,155 shares.The stock last traded at $31.70 and had previously closed at $31.95.
The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.04. The business earned $129 million during the quarter. International Speedway Corp. had a return on equity of 4.88% and a net margin of 10.69%. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.01) EPS.
Several equities analysts have recently issued reports on the company. Zacks Investment Research cut International Speedway Corp. from a “hold” rating to a “sell” rating in a research note on Thursday, July 7th. Citigroup Inc. decreased their price objective on International Speedway Corp. from $32.00 to $29.00 and set a “sell” rating for the company in a research note on Monday, August 29th.
Several institutional investors have recently made changes to their positions in ISCA. BNP Paribas Arbitrage SA acquired a new stake in International Speedway Corp. during the second quarter valued at $417,000. Renaissance Technologies LLC boosted its stake in International Speedway Corp. by 27.5% in the first quarter. Renaissance Technologies LLC now owns 382,066 shares of the company’s stock valued at $14,102,000 after buying an additional 82,400 shares during the last quarter. Wellington Management Group LLP boosted its stake in International Speedway Corp. by 2,046.7% in the first quarter. Wellington Management Group LLP now owns 263,872 shares of the company’s stock valued at $9,740,000 after buying an additional 251,580 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in International Speedway Corp. by 40.8% in the first quarter. Goldman Sachs Group Inc. now owns 79,953 shares of the company’s stock valued at $2,951,000 after buying an additional 23,183 shares during the last quarter. Finally, State Street Corp boosted its stake in International Speedway Corp. by 1.7% in the first quarter. State Street Corp now owns 840,204 shares of the company’s stock valued at $31,014,000 after buying an additional 13,696 shares during the last quarter. Institutional investors and hedge funds own 51.69% of the company’s stock.
The firm has a market capitalization of $1.46 billion, a PE ratio of 21.15 and a beta of 1.07. The firm has a 50 day moving average of $33.50 and a 200-day moving average of $33.90.
International Speedway Corp. Company Profile
International Speedway Corporation is an owner of motorsports entertainment facilities and promoter of motorsports themed entertainment activities. The Company’s business is a motorsports themed amusement enterprise, furnishing amusement in the form of motorsports themed entertainment. Its motorsports themed event operations consists of racing events at its motorsports entertainment facilities, which include providing catering, and food and beverage concessions at its motorsports entertainment facilities that host National Association for Stock Car Auto Racing (NASCAR) Sprint Cup Series events.
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