InterContinental Hotels Group (IHG) Downgraded by Morgan Stanley to “Underweight”
Morgan Stanley cut shares of InterContinental Hotels Group (NYSE:IHG) from an equal weight rating to an underweight rating in a research note issued to investors on Monday morning, The Fly reports.
Shares of IHG stock opened at $55.64 on Monday. InterContinental Hotels Group has a 12 month low of $50.84 and a 12 month high of $69.23.
A number of large investors have recently modified their holdings of the business. Moody National Bank Trust Division purchased a new position in InterContinental Hotels Group in the 4th quarter worth about $28,000. US Bancorp DE raised its position in InterContinental Hotels Group by 3.1% in the 3rd quarter. US Bancorp DE now owns 34,023 shares of the company’s stock worth $2,137,000 after buying an additional 1,018 shares during the last quarter. Bank of New York Mellon Corp raised its position in InterContinental Hotels Group by 11.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 10,141 shares of the company’s stock worth $635,000 after buying an additional 1,038 shares during the last quarter. Advisory Services Network LLC raised its position in InterContinental Hotels Group by 35.7% in the 3rd quarter. Advisory Services Network LLC now owns 5,418 shares of the company’s stock worth $340,000 after buying an additional 1,425 shares during the last quarter. Finally, Highland Capital Management LLC raised its position in InterContinental Hotels Group by 3.9% in the 3rd quarter. Highland Capital Management LLC now owns 42,517 shares of the company’s stock worth $2,670,000 after buying an additional 1,600 shares during the last quarter. 6.81% of the stock is owned by institutional investors and hedge funds.
InterContinental Hotels Group PLC owns, manages, franchises, and leases hotels in the Americas, Europe, Asia, the Middle East, Africa, and Greater China. The company operates hotels, resorts, and restaurants under the InterContinental, Kimpton, Hotel Indigo, EVEN, HUALUXE, Crowne Plaza, Holiday Inn, Holiday Inn Express, Holiday Inn Club Vacations, Holiday Inn Resort, avid, Staybridge Suites, Candlewood Suites, and InterContinental Hotels & Resorts brands.
Recommended Story: Catch-Up Contributions
Receive News & Ratings for InterContinental Hotels Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for InterContinental Hotels Group and related companies with MarketBeat.com's FREE daily email newsletter.