Intercontinental Hotels Group (NYSE:IHG) saw a significant drop in short interest during the month of August. As of August 15th, there was short interest totalling 486,793 shares, a drop of 41.4% from the July 31st total of 830,598 shares. Based on an average trading volume of 139,080 shares, the days-to-cover ratio is currently 3.5 days.

A number of analysts recently commented on IHG shares. Zacks Investment Research raised Intercontinental Hotels Group from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a research report on Tuesday, May 9th. BidaskClub downgraded Intercontinental Hotels Group from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 13th. Morgan Stanley downgraded Intercontinental Hotels Group from an “equal weight” rating to an “underweight” rating in a research report on Thursday, June 15th. Credit Suisse Group 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. Finally, Bank of America Corporation reaffirmed a “buy” rating on shares of Intercontinental Hotels Group in a research report on Tuesday, July 25th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $50.33.

A number of institutional investors have recently made changes to their positions in IHG. Russell Investments Group Ltd. purchased a new position in shares of Intercontinental Hotels Group during the first quarter worth $533,000. Geneva Advisors LLC raised its position in shares of Intercontinental Hotels Group by 3.3% in the first quarter. Geneva Advisors LLC now owns 35,919 shares of the company’s stock worth $1,758,000 after buying an additional 1,135 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Intercontinental Hotels Group by 14.5% in the first quarter. Bank of New York Mellon Corp now owns 13,912 shares of the company’s stock worth $680,000 after buying an additional 1,766 shares during the last quarter. Comerica Bank raised its position in shares of Intercontinental Hotels Group by 1.4% in the first quarter. Comerica Bank now owns 11,353 shares of the company’s stock worth $597,000 after buying an additional 159 shares during the last quarter. Finally, World Asset Management Inc raised its position in shares of Intercontinental Hotels Group by 1.5% in the first quarter. World Asset Management Inc now owns 12,304 shares of the company’s stock worth $602,000 after buying an additional 176 shares during the last quarter. Institutional investors own 6.70% of the company’s stock.

Shares of Intercontinental Hotels Group (NYSE IHG) opened at 50.20 on Friday. The stock has a market capitalization of $9.84 billion, a P/E ratio of 22.51 and a beta of 1.34. Intercontinental Hotels Group has a 12 month low of $39.82 and a 12 month high of $57.80. The company’s 50 day moving average price is $53.79 and its 200-day moving average price is $53.28.

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 $0.33 dividend. The ex-dividend date is Wednesday, August 30th.

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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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