InterContinental Hotels Group (NYSE:IHG) Shares Gap Down to $64.14

InterContinental Hotels Group PLC (NYSE:IHG) shares gapped down before the market opened on Wednesday . The stock had previously closed at $64.14, but opened at $62.59. InterContinental Hotels Group shares last traded at $62.41, with a volume of 697 shares trading hands.

A number of analysts have recently issued reports on the company. Morgan Stanley restated an “equal weight” rating on shares of InterContinental Hotels Group in a research report on Wednesday, August 11th. Peel Hunt upgraded InterContinental Hotels Group from a “reduce” rating to a “hold” rating in a research report on Thursday, August 19th. Societe Generale upgraded InterContinental Hotels Group from a “hold” rating to a “buy” rating in a research report on Monday, August 30th. Citigroup reiterated a “neutral” rating on shares of InterContinental Hotels Group in a research report on Monday, August 16th. Finally, UBS Group upgraded InterContinental Hotels Group from a “sell” rating to a “neutral” rating in a research report on Friday, July 16th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $72.00.

The company has a market cap of $11.44 billion, a price-to-earnings ratio of 206.90 and a beta of 1.29. The business has a 50 day simple moving average of $64.38 and a 200 day simple moving average of $68.22.

Several institutional investors and hedge funds have recently modified their holdings of the company. Parallel Advisors LLC lifted its stake in InterContinental Hotels Group by 21.6% in the second quarter. Parallel Advisors LLC now owns 906 shares of the company’s stock valued at $60,000 after buying an additional 161 shares during the period. Bank of Montreal Can lifted its stake in InterContinental Hotels Group by 22.4% in the first quarter. Bank of Montreal Can now owns 1,614 shares of the company’s stock valued at $115,000 after buying an additional 295 shares during the period. Eaton Vance Management acquired a new position in InterContinental Hotels Group in the first quarter valued at about $181,000. Penserra Capital Management LLC acquired a new position in InterContinental Hotels Group in the second quarter valued at about $199,000. Finally, PNC Financial Services Group Inc. lifted its stake in InterContinental Hotels Group by 8.2% in the second quarter. PNC Financial Services Group Inc. now owns 3,028 shares of the company’s stock valued at $201,000 after buying an additional 230 shares during the period. 3.60% of the stock is currently owned by institutional investors and hedge funds.

About InterContinental Hotels Group (NYSE:IHG)

InterContinental Hotels Group Plc owns and operates hotels. The firm’s hotel brands include: InterContinental, Crowne Plaza, Hotel Indigo, Holiday Inn, Holiday Inn Express, Staybridge Suites, Candlewood Suites, EVEN Hotels, IHG Rewards Club, Kimpton and HUALUXE Hotels and Resorts. It operates through the following segments: Europe, Middle East, Asia and Africa, Americas, Greater China and Central.

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