Reading International Inc (NASDAQ:RDI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

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

RDI has been the subject of several other research reports. TheStreet upgraded shares of Reading International from a “c+” rating to a “b” rating in a report on Friday, June 2nd. B. Riley reiterated a “buy” rating and set a $26.50 price target on shares of Reading International in a research note on Saturday, May 20th.

Shares of Reading International (NASDAQ RDI) opened at 16.01 on Tuesday. The stock’s 50 day moving average is $15.93 and its 200 day moving average is $15.94. Reading International has a 1-year low of $12.45 and a 1-year high of $17.18. The firm has a market capitalization of $371.16 million, a P/E ratio of 36.55 and a beta of 1.33.

Reading International (NASDAQ:RDI) last issued its earnings results on Tuesday, May 9th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. Reading International had a net margin of 3.71% and a return on equity of 7.69%. The business had revenue of $69.45 million during the quarter, compared to analysts’ expectations of $71.80 million. Equities analysts predict that Reading International will post $0.61 earnings per share for the current year.

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In related news, insider James J. Cotter, Jr. sold 5,112 shares of the 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. 26.75% of the stock is owned by corporate insiders.

Hedge funds have recently modified their holdings of the company. Jupiter Asset Management Ltd. boosted its stake in shares of Reading International by 56.4% in the first quarter. Jupiter Asset Management Ltd. now owns 121,540 shares of the company’s stock worth $1,889,000 after buying an additional 43,817 shares in the last quarter. Sanders Morris Harris LLC boosted its stake in shares of Reading International by 18.4% in the second quarter. Sanders Morris Harris LLC now owns 251,088 shares of the company’s stock worth $4,050,000 after buying an additional 38,960 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake 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 in the last quarter. Vanguard Group Inc. boosted its stake in shares of Reading International by 3.9% in the first quarter. Vanguard Group Inc. now owns 536,985 shares of the company’s stock worth $8,345,000 after buying an additional 20,038 shares in the last quarter. Finally, State Street Corp boosted its stake 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 in 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.

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