Intercontinental Hotels Group (NYSE:IHG) was the target of a significant drop in short interest during the month of August. As of August 15th, there was short interest totalling 486,793 shares, a drop of 41.4% from the July 31st total of 830,598 shares. Based on an average daily volume of 139,080 shares, the days-to-cover ratio is presently 3.5 days.
Shares of Intercontinental Hotels Group (IHG) traded down 0.86% on Friday, hitting $49.85. 157,256 shares of the stock were exchanged. Intercontinental Hotels Group has a 52-week low of $39.84 and a 52-week high of $57.80. The company’s 50 day moving average is $51.88 and its 200-day moving average is $53.28. The stock has a market cap of $9.77 billion, a PE ratio of 22.35 and a beta of 1.36.
The company also recently disclosed a special dividend, which will be paid on Friday, October 6th. Stockholders of record on Friday, September 1st will be issued a $0.33 dividend. The ex-dividend date is Wednesday, August 30th.
Several equities analysts have commented on the stock. Zacks Investment Research upgraded shares of Intercontinental Hotels Group from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research report on Wednesday, June 7th. Bank of America Corporation restated a “buy” rating on shares of Intercontinental Hotels Group in a report on Tuesday, July 25th. BidaskClub lowered shares of Intercontinental Hotels Group from a “hold” rating to a “sell” rating in a report on Friday, August 25th. Morgan Stanley downgraded shares of Intercontinental Hotels Group from an “equal weight” rating to an “underweight” rating in a research note on Thursday, June 15th. Finally, Credit Suisse Group downgraded shares of Intercontinental Hotels Group from an “outperform” rating to a “neutral” rating in a research note on Monday, June 19th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $50.33.
Hedge funds have recently bought and sold shares of the company. Geneva Advisors LLC lifted its holdings in shares of Intercontinental Hotels Group by 3.3% during the first quarter. Geneva Advisors LLC now owns 35,919 shares of the company’s stock worth $1,758,000 after purchasing an additional 1,135 shares during the period. Liberty Mutual Group Asset Management Inc. acquired a new stake in shares of Intercontinental Hotels Group during the first quarter worth $367,000. Comerica Bank lifted its holdings in shares of Intercontinental Hotels Group by 1.4% during the first quarter. Comerica Bank now owns 11,353 shares of the company’s stock worth $597,000 after purchasing an additional 159 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Intercontinental Hotels Group by 2.2% during the first quarter. JPMorgan Chase & Co. now owns 21,960 shares of the company’s stock worth $1,075,000 after purchasing an additional 482 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Intercontinental Hotels Group by 9.0% during the first quarter. Ameriprise Financial Inc. now owns 6,694 shares of the company’s stock worth $328,000 after purchasing an additional 553 shares during the period. 6.70% of the stock is owned by institutional investors and hedge funds.
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Intercontinental Hotels Group Company Profile
InterContinental Hotels Group PLC is a hotel company. The Company franchises its brands to, and manages hotels on behalf of, third-party hotel owners. Its segments include The Americas; Europe; Asia, Middle East and Africa (AMEA); Greater China, and Central. It operates a portfolio of hotel brands, including InterContinental, HUALUXE, Kimpton, Crowne Plaza, Hotel Indigo, EVEN Hotels, Holiday Inn, Holiday Inn Express, Staybridge Suites Hotels, Holiday Inn Resort, Holiday Inn Club Vacations and Candlewood Suites Hotels.
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