Zacks Investment Research Lowers InterContinental Hotels Group (NYSE:IHG) to Sell

Zacks Investment Research lowered shares of InterContinental Hotels Group (NYSE:IHG) from a hold rating to a sell rating in a research report report published on Wednesday morning, Zacks.com reports.

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. “

Other equities research analysts have also recently issued research reports about the stock. Barclays cut shares of to an underweight rating and set a GBX 4,400 ($57.49) target price on the stock. in a research note on Tuesday, June 18th. UBS Group set a $54.00 price target on Westlake Chemical and gave the stock a sell rating in a report on Tuesday, July 2nd. Six analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of Hold.

Shares of InterContinental Hotels Group stock opened at $68.93 on Wednesday. InterContinental Hotels Group has a 52 week low of $50.84 and a 52 week high of $69.03. The stock has a market cap of $12.46 billion, a price-to-earnings ratio of 23.85, a P/E/G ratio of 2.58 and a beta of 1.08. The firm has a 50 day moving average of $66.77.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IHG. FMR LLC grew its position in InterContinental Hotels Group by 17.4% in the 4th quarter. FMR LLC now owns 6,848,786 shares of the company’s stock valued at $373,875,000 after acquiring an additional 1,015,599 shares in the last quarter. Freestone Capital Holdings LLC acquired a new position in shares of InterContinental Hotels Group during the first quarter worth about $10,089,000. Ferguson Wellman Capital Management Inc. acquired a new position in shares of InterContinental Hotels Group during the first quarter worth about $9,436,000. CIBC Private Wealth Group LLC grew its position in shares of InterContinental Hotels Group by 173.8% during the first quarter. CIBC Private Wealth Group LLC now owns 124,209 shares of the company’s stock worth $7,587,000 after buying an additional 78,848 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new position in shares of InterContinental Hotels Group during the fourth quarter worth about $2,374,000. 7.85% of the stock is owned by institutional investors.

About InterContinental Hotels Group

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 HOTELS, 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.

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