Reading International Inc. (RDI) Rating Increased to Strong-Buy at Zacks Investment Research
Reading International Inc. (NASDAQ:RDI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday. The brokerage presently has a $16.00 price target on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 7.24% from the company’s current price.
According to Zacks, “Reading International, Inc. is engaged primarily in the ownership and management of commercial and residential property. “
Separately, B. Riley reaffirmed a “buy” rating and set a $26.00 price objective on shares of Reading International in a research report on Wednesday, November 9th.
Reading International (NASDAQ:RDI) opened at 14.92 on Wednesday. Reading International has a 12 month low of $9.71 and a 12 month high of $14.99. The company has a market capitalization of $348.14 million, a PE ratio of 28.69 and a beta of 0.84. The firm’s 50-day moving average is $13.47 and its 200-day moving average is $13.16.
Reading International (NASDAQ:RDI) last announced its earnings results on Tuesday, November 8th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.15. The business had revenue of $71.30 million for the quarter, compared to analysts’ expectations of $46.12 million. Reading International had a return on equity of 8.41% and a net margin of 4.58%.
In other news, insider James J. Cotter, Jr. sold 60,000 shares of Reading International stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $13.54, for a total transaction of $812,400.00. Following the transaction, the insider now directly owns 595,186 shares of the company’s stock, valued at approximately $8,058,818.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 26.75% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of RDI. B. Riley Financial Inc. acquired a new position in Reading International during the third quarter worth approximately $233,000. The Manufacturers Life Insurance Company acquired a new position in Reading International during the third quarter worth approximately $171,000. Finally, Northern Trust Corp boosted its position in Reading International by 1.3% in the third quarter. Northern Trust Corp now owns 191,860 shares of the company’s stock worth $2,561,000 after buying an additional 2,421 shares in the last quarter. 21.70% of the stock is currently owned by institutional investors.
About Reading International
Reading International, Inc (RDI) is focused on the development, ownership and operation of multiplex cinemas, and retail and commercial real estate in the United States, Australia and New Zealand. The Company operates through two segments: cinema exhibition and real estate. The cinema exhibition segment operates multiplex cinemas.
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