Reading International Inc (NASDAQ:RDI) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research lowered shares of Reading International Inc (NASDAQ:RDI) from a hold rating to a sell rating in a research report report published on Tuesday morning.

According to Zacks, “Reading International, Inc. is engaged primarily in the ownership and management of commercial and residential property. “

A number of other analysts have also weighed in on RDI. B. Riley reaffirmed a buy rating and set a $26.50 price objective on shares of Reading International in a research report on Monday, May 15th. TheStreet raised Reading International from a c+ rating to a b rating in a research report on Friday, June 2nd.

Shares of Reading International (NASDAQ:RDI) traded up 1.00% during mid-day trading on Tuesday, reaching $16.14. The company’s stock had a trading volume of 14,700 shares. The stock has a 50 day moving average of $16.01 and a 200-day moving average of $15.89. The stock has a market cap of $374.17 million, a P/E ratio of 36.85 and a beta of 1.33. Reading International has a one year low of $12.54 and a one year high of $17.18.

Reading International (NASDAQ:RDI) last posted its quarterly earnings data on Tuesday, May 9th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. Reading International had a return on equity of 7.69% and a net margin of 3.71%. The business had revenue of $69.45 million for the quarter, compared to analyst estimates of $71.80 million. On average, equities research analysts expect that Reading International will post $0.61 EPS for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: This piece was first posted by [[site]] and is the property of of [[site]]. If you are accessing this piece on another website, it was illegally stolen and republished in violation of international trademark & copyright laws. The legal version of this piece can be viewed at [[permalink]].

In related news, insider James J. Cotter, Jr. sold 5,112 shares of the business’s stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $15.51, for a total transaction of $79,287.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 26.75% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. B. Riley Financial Inc. increased its position in shares of Reading International by 76.1% in the first quarter. B. Riley Financial Inc. now owns 30,213 shares of the company’s stock worth $470,000 after buying an additional 13,057 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Reading International by 4.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 834,675 shares of the company’s stock worth $13,856,000 after buying an additional 33,140 shares during the last quarter. State Street Corp increased its position in shares of Reading International by 7.3% in the fourth quarter. State Street Corp now owns 243,657 shares of the company’s stock worth $4,044,000 after buying an additional 16,540 shares during the last quarter. Gabelli Funds LLC purchased a new position in shares of Reading International during the first quarter worth approximately $218,000. Finally, PEAK6 Investments L.P. increased its position in shares of Reading International by 32.1% in the first quarter. PEAK6 Investments L.P. now owns 44,004 shares of the company’s stock worth $684,000 after buying an additional 10,686 shares during the last quarter. Hedge funds and other institutional investors own 31.55% of the company’s stock.

About Reading International

Reading International, Inc (RDI) is engaged in the development, ownership and operation of multiplex cinemas in the United States, Australia, and New Zealand, and the development, ownership and operation of retail and commercial real estate in the United States, Australia and New Zealand. RDI operates through two segments: cinema exhibition and real estate.

Get a free copy of the Zacks research report on Reading International (RDI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com