Reading International (RDI) Cut to Strong Sell at BidaskClub

Reading International (NASDAQ:RDI) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Friday.

Several other equities analysts also recently commented on RDI. Zacks Investment Research downgraded Reading International from a “hold” rating to a “sell” rating in a research report on Friday, February 2nd. B. Riley cut their target price on Reading International from $26.50 to $23.50 and set a “buy” rating for the company in a research report on Thursday, March 22nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $23.50.

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Shares of NASDAQ:RDI traded down $0.09 during trading on Friday, hitting $16.03. 38,982 shares of the stock were exchanged, compared to its average volume of 43,577. Reading International has a 1-year low of $14.37 and a 1-year high of $17.50. The firm has a market capitalization of $371.30, a PE ratio of 12.44 and a beta of 1.25. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.68.

Reading International (NASDAQ:RDI) last posted its earnings results on Friday, March 16th. The company reported $0.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.03). The company had revenue of $71.78 million for the quarter, compared to the consensus estimate of $77.50 million. Reading International had a return on equity of 8.22% and a net margin of 11.08%. sell-side analysts predict that Reading International will post 0.56 EPS for the current year.

In other Reading International news, insider James J. Cotter, Jr. sold 15,000 shares of Reading International stock in a transaction on Friday, March 23rd. The stock was sold at an average price of $16.54, for a total value of $248,100.00. Following the completion of the transaction, the insider now owns 352,987 shares in the company, valued at approximately $5,838,404.98. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider James J. Cotter, Jr. sold 25,000 shares of Reading International stock in a transaction on Wednesday, March 21st. The shares were sold at an average price of $16.80, for a total value of $420,000.00. Following the completion of the transaction, the insider now owns 352,987 shares of the company’s stock, valued at approximately $5,930,181.60. The disclosure for this sale can be found here. 25.57% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of RDI. Metropolitan Life Insurance Co. NY bought a new position in Reading International in the 4th quarter valued at $106,000. MetLife Investment Advisors LLC bought a new position in Reading International in the 4th quarter valued at $142,000. JPMorgan Chase & Co. raised its position in Reading International by 771.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 9,260 shares of the company’s stock valued at $146,000 after purchasing an additional 8,197 shares during the last quarter. AXA bought a new position in Reading International in the 4th quarter valued at $219,000. Finally, Wells Fargo & Company MN raised its position in Reading International by 55.4% in the 3rd quarter. Wells Fargo & Company MN now owns 19,053 shares of the company’s stock valued at $300,000 after purchasing an additional 6,795 shares during the last quarter. Hedge funds and other institutional investors own 36.00% of the company’s stock.

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Reading International Company Profile

Reading International, Inc engages in the ownership, development, and operation of entertainment and real property assets in the United States, Australia, and New Zealand. The company operates in two segments, Theatrical Motion Picture Exhibition (Cinema Exhibition) and Real Estate. The Cinema Exhibition segment operates multiplex cinemas.

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