Reading International (RDI) Cut to Sell at Zacks Investment Research

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

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

A number of other equities research analysts have also recently commented on the company. BidaskClub cut Reading International from a “hold” rating to a “sell” rating in a research note on Friday, December 22nd. Gabelli started coverage on Reading International in a research note on Friday, December 1st. They set a “buy” rating for the company. Two equities research analysts have rated the stock with a sell rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $26.50.

Shares of Reading International (NASDAQ:RDI) opened at $16.02 on Thursday. The company has a market capitalization of $367.88, a price-to-earnings ratio of 15.55 and a beta of 1.30. Reading International has a 52 week low of $14.37 and a 52 week high of $17.43. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.55 and a quick ratio of 1.55.

In related news, insider James J. Cotter, Jr. sold 50,000 shares of Reading International stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $15.98, for a total transaction of $799,000.00. Following the completion of the sale, the insider now directly owns 373,604 shares of the company’s stock, valued at $5,970,191.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 25.57% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of RDI. Bank of New York Mellon Corp lifted its holdings in Reading International by 3.7% during the second quarter. Bank of New York Mellon Corp now owns 73,763 shares of the company’s stock worth $1,190,000 after acquiring an additional 2,624 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in Reading International by 2.6% during the second quarter. Wells Fargo & Company MN now owns 12,258 shares of the company’s stock worth $198,000 after acquiring an additional 312 shares in the last quarter. Alliancebernstein L.P. bought a new position in Reading International during the second quarter worth about $165,000. Teachers Advisors LLC lifted its holdings in Reading International by 9.3% during the second quarter. Teachers Advisors LLC now owns 30,036 shares of the company’s stock worth $484,000 after acquiring an additional 2,545 shares in the last quarter. Finally, TIAA CREF Investment Management LLC lifted its holdings in Reading International by 3.7% during the second quarter. TIAA CREF Investment Management LLC now owns 53,501 shares of the company’s stock worth $863,000 after acquiring an additional 1,924 shares in the last quarter. Hedge funds and other institutional investors own 36.15% of the company’s stock.

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Reading International Company Profile

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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