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

InterContinental Hotels Group PLC (NYSE:IHG) saw strong trading volume on Friday . 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

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

InterContinental Hotels Group Price Performance

The stock has a 50 day moving average of $124.28 and a 200 day moving average of $111.71. The firm has a market cap of $19.46 billion, a P/E ratio of 24.46, a PEG ratio of 1.88 and a beta of 1.32.

Hedge Funds Weigh In On InterContinental Hotels Group

Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake in shares of InterContinental Hotels Group by 0.8% during the second quarter. Bank of New York Mellon Corp now owns 12,620 shares of the company’s stock worth $1,337,000 after acquiring an additional 106 shares in the last quarter. QRG Capital Management Inc. raised its position in InterContinental Hotels Group by 0.6% in the 3rd quarter. QRG Capital Management Inc. now owns 27,660 shares of the company’s stock worth $3,056,000 after purchasing an additional 152 shares during the period. Mitchell & Pahl Private Wealth LLC lifted its stake in InterContinental Hotels Group by 1.6% in the third quarter. Mitchell & Pahl Private Wealth LLC now owns 11,485 shares of the company’s stock worth $1,269,000 after purchasing an additional 177 shares during the last quarter. MML Investors Services LLC boosted its position in InterContinental Hotels Group by 3.2% during the third quarter. MML Investors Services LLC now owns 6,792 shares of the company’s stock valued at $750,000 after buying an additional 212 shares during the period. Finally, Moors & Cabot Inc. grew its stake in shares of InterContinental Hotels Group by 5.4% during the second quarter. Moors & Cabot Inc. now owns 4,206 shares of the company’s stock valued at $446,000 after buying an additional 214 shares during the last quarter. 15.09% of the stock is owned by hedge funds and other institutional investors.

InterContinental Hotels Group Company Profile

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.