Intercontinental Hotels Group (NYSE:IHG) was the recipient of a significant growth in short interest during the month of July. As of July 31st, there was short interest totalling 830,598 shares, a growth of 39.1% from the July 14th total of 597,291 shares. Based on an average daily volume of 94,953 shares, the days-to-cover ratio is presently 8.7 days.

Shares of Intercontinental Hotels Group (IHG) opened at 51.37 on Wednesday. The stock has a market cap of $10.07 billion, a P/E ratio of 23.04 and a beta of 1.34. The firm’s 50-day moving average price is $55.48 and its 200-day moving average price is $53.23. Intercontinental Hotels Group has a 52-week low of $39.82 and a 52-week high of $57.80.

The company also recently disclosed a special dividend, which will be paid on Friday, October 6th. Investors of record on Friday, September 1st will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, August 30th.

Several research firms recently commented on IHG. Zacks Investment Research upgraded Intercontinental Hotels Group from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a research note on Wednesday, June 7th. Credit Suisse Group AG downgraded Intercontinental Hotels Group from an “outperform” rating to a “neutral” rating in a research report on Monday, June 19th. They noted that the move was a valuation call. Morgan Stanley downgraded Intercontinental Hotels Group from an “equal weight” rating to an “underweight” rating in a research report on Thursday, June 15th. Bank of America Corporation reissued a “buy” rating on shares of Intercontinental Hotels Group in a research report on Tuesday, July 25th. Finally, BidaskClub downgraded Intercontinental Hotels Group from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 13th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $50.33.

Several hedge funds have recently made changes to their positions in the company. Citigroup Inc. raised its stake in shares of Intercontinental Hotels Group by 21.6% in the second quarter. Citigroup Inc. now owns 1,816 shares of the company’s stock valued at $100,000 after buying an additional 322 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Intercontinental Hotels Group during the first quarter valued at about $207,000. FCA Corp TX purchased a new stake in shares of Intercontinental Hotels Group during the first quarter valued at about $221,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Intercontinental Hotels Group during the second quarter valued at about $233,000. Finally, Greenleaf Trust purchased a new stake in shares of Intercontinental Hotels Group during the first quarter valued at about $255,000. Institutional investors and hedge funds own 6.82% of the company’s stock.

ILLEGAL ACTIVITY WARNING: This story was first posted by American Banking News and is owned by of American Banking News. If you are viewing this story on another website, it was copied illegally and reposted in violation of U.S. and international copyright law. The original version of this story can be read at https://www.americanbankingnews.com/2017/08/16/intercontinental-hotels-group-ihg-sees-significant-growth-in-short-interest.html.

Intercontinental Hotels Group Company Profile

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.

Receive News & Ratings for Intercontinental Hotels Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Intercontinental Hotels Group and related companies with MarketBeat.com's FREE daily email newsletter.