Intercontinental Hotels Group (IHG) Upgraded at Zacks Investment Research
Intercontinental Hotels Group (NYSE:IHG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “InterContinental Hotels Group offers information and reservations capability on the Internet for InterContinental Hotels & Resorts, Crowne Plaza Hotels & Resorts, Holiday Inn hotels, Holiday Inn Express hotels, and Staybridge Suites by Holiday Inn hotels. “
A number of other analysts have also recently commented on the stock. BidaskClub cut shares of Intercontinental Hotels Group from a “hold” rating to a “sell” rating in a report on Friday, August 25th. Bank of America Corp restated a “buy” rating on shares of Intercontinental Hotels Group in a report on Tuesday, July 25th. Credit Suisse Group cut shares of Intercontinental Hotels Group from an “outperform” rating to a “neutral” rating in a report on Monday, June 19th. They noted that the move was a valuation call. Finally, Morgan Stanley cut shares of Intercontinental Hotels Group from an “equal weight” rating to an “underweight” rating in a report on Thursday, June 15th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. Intercontinental Hotels Group presently has an average rating of “Hold” and an average price target of $50.33.
Shares of Intercontinental Hotels Group (NYSE IHG) opened at 50.31 on Wednesday. The company has a 50 day moving average price of $51.50 and a 200-day moving average price of $53.35. Intercontinental Hotels Group has a 12 month low of $39.84 and a 12 month high of $57.80. The firm has a market capitalization of $9.86 billion, a PE ratio of 22.56 and a beta of 1.36.
Institutional investors and hedge funds have recently bought and sold shares of the company. Citigroup Inc. raised its position in shares of Intercontinental Hotels Group by 21.6% in the 2nd quarter. Citigroup Inc. now owns 1,816 shares of the company’s stock worth $100,000 after purchasing an additional 322 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Intercontinental Hotels Group in the 2nd quarter worth about $233,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Intercontinental Hotels Group in the 1st quarter worth about $207,000. Gotham Asset Management LLC purchased a new position in shares of Intercontinental Hotels Group in the 2nd quarter worth about $308,000. Finally, CIBC World Markets Inc. raised its position in shares of Intercontinental Hotels Group by 20.1% in the 1st quarter. CIBC World Markets Inc. now owns 5,662 shares of the company’s stock worth $277,000 after purchasing an additional 948 shares during the last quarter. 6.70% of the stock is owned by hedge funds and other institutional investors.
About Intercontinental Hotels Group
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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