InterContinental Hotels Group (NYSE:IHG) Sees Unusually-High Trading Volume – Here’s What Happened

InterContinental Hotels Group PLC (NYSE:IHG) saw unusually-high trading volume on Friday . Approximately 67,073 shares were traded during mid-day trading, a decline of 20% from the previous session’s volume of 83,439 shares.The stock last traded at $123.84 and had previously closed at $121.83.

Analysts Set New Price Targets

Several brokerages have recently commented on IHG. Barclays upgraded InterContinental Hotels Group from an “equal weight” rating to an “overweight” rating in a research note on Friday, November 15th. The Goldman Sachs Group raised shares of InterContinental Hotels Group from a “neutral” rating to a “buy” rating in a research report on Wednesday, September 18th. Morgan Stanley lowered shares of InterContinental Hotels Group from an “equal weight” rating to an “underweight” rating in a research report on Wednesday. Finally, Sanford C. Bernstein raised shares of InterContinental Hotels Group from an “underperform” rating to a “market perform” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold”.

InterContinental Hotels Group Trading Up 0.9 %

The business’s 50-day simple moving average is $124.07 and its 200-day simple moving average is $111.56. The company has a market capitalization of $19.48 billion, a PE ratio of 24.48, a price-to-earnings-growth ratio of 1.88 and a beta of 1.32.

Institutional Investors Weigh In On InterContinental Hotels Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its stake in shares of InterContinental Hotels Group by 0.8% in the second quarter. Bank of New York Mellon Corp now owns 12,620 shares of the company’s stock worth $1,337,000 after buying an additional 106 shares during the last quarter. Ballentine Partners LLC lifted its holdings in InterContinental Hotels Group by 7.2% in the second quarter. Ballentine Partners LLC now owns 2,303 shares of the company’s stock valued at $244,000 after acquiring an additional 154 shares during the period. AdvisorShares Investments LLC boosted its position in InterContinental Hotels Group by 73.0% in the 2nd quarter. AdvisorShares Investments LLC now owns 1,583 shares of the company’s stock worth $164,000 after purchasing an additional 668 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in shares of InterContinental Hotels Group by 6.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 58,321 shares of the company’s stock worth $6,179,000 after purchasing an additional 3,431 shares during the period. Finally, Capital Wealth Planning LLC increased its holdings in shares of InterContinental Hotels Group by 125.2% during the 2nd quarter. Capital Wealth Planning LLC now owns 24,257 shares of the company’s stock valued at $2,570,000 after purchasing an additional 13,487 shares in the last quarter. 15.09% of the stock is owned by institutional investors and hedge funds.

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 under the Six Senses, Regent, InterContinental Hotels & Resorts, Vignette Collection, Kimpton Hotels & Restaurants, Hotel Indigo, voco, HUALUXE, Crowne Plaza, Iberostar Beachfront Resorts, EVEN, Holiday Inn Express, Holiday Inn, Garner, avid hotels, Atwell Suites, Staybridge Suites, Iberostar Beachfront Resorts, Holiday Inn Club Vacations, and Candlewood Suites brand names.