Intercontinental Hotels Group (IHG) Sees Significant Drop in Short Interest
Intercontinental Hotels Group (NYSE:IHG) was the target of a large decline in short interest in September. As of September 29th, there was short interest totalling 274,225 shares, a decline of 45.5% from the September 15th total of 503,614 shares. Based on an average trading volume of 106,438 shares, the days-to-cover ratio is currently 2.6 days.
Large investors have recently modified their holdings of the company. Citigroup Inc. increased its position in shares of Intercontinental Hotels Group by 21.6% during the second quarter. Citigroup Inc. now owns 1,816 shares of the company’s stock worth $100,000 after acquiring an additional 322 shares during the period. Cubist Systematic Strategies LLC purchased a new position in Intercontinental Hotels Group during the second quarter valued at approximately $233,000. Gotham Asset Management LLC purchased a new position in Intercontinental Hotels Group during the second quarter valued at approximately $308,000. CIBC World Markets Inc. increased its holdings in Intercontinental Hotels Group by 9.6% during the second quarter. CIBC World Markets Inc. now owns 6,208 shares of the company’s stock valued at $345,000 after buying an additional 546 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in Intercontinental Hotels Group by 9.0% during the first quarter. Ameriprise Financial Inc. now owns 6,694 shares of the company’s stock valued at $328,000 after buying an additional 553 shares during the period. 6.70% of the stock is currently owned by institutional investors and hedge funds.
Shares of Intercontinental Hotels Group (NYSE IHG) opened at 54.23 on Wednesday. The firm’s 50-day moving average price is $51.44 and its 200 day moving average price is $53.77. The company has a market capitalization of $10.63 billion, a PE ratio of 24.32 and a beta of 1.36. Intercontinental Hotels Group has a 52-week low of $39.84 and a 52-week high of $57.80.
The business also recently announced a special dividend, which was paid on Friday, October 6th. Stockholders of record on Friday, September 1st were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, August 30th.
Several research firms have weighed in on IHG. Bank of America Corporation reaffirmed a “buy” rating on shares of Intercontinental Hotels Group in a research report on Tuesday, July 25th. Zacks Investment Research cut Intercontinental Hotels Group from a “hold” rating to a “sell” rating in a research report on Wednesday, October 11th. Finally, BidaskClub cut Intercontinental Hotels Group from a “buy” rating to a “hold” rating in a research report on Friday, August 11th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $44.00.
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About Intercontinental Hotels Group
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.
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