Intercontinental Hotels Group (NYSE:IHG) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Intercontinental Hotels Group (NYSE:IHG) from a buy rating to a hold rating in a research note issued to investors on Monday.

A number of other equities analysts have also issued reports on IHG. JPMorgan Chase & Co. raised shares of Intercontinental Hotels Group from a “neutral” rating to an “overweight” rating in a research report on Friday, September 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Intercontinental Hotels Group in a report on Wednesday, October 8th. Finally, Morgan Stanley raised shares of Intercontinental Hotels Group from an “underweight” rating to an “equal weight” rating in a report on Wednesday, October 1st. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Intercontinental Hotels Group currently has an average rating of “Hold”.

Intercontinental Hotels Group Stock Down 0.8%

Shares of IHG stock opened at $123.25 on Monday. Intercontinental Hotels Group has a 1 year low of $94.78 and a 1 year high of $137.25. The firm’s fifty day simple moving average is $121.78 and its 200 day simple moving average is $117.74.

Intercontinental Hotels Group Cuts Dividend

The business also recently declared a semi-annual dividend, which was paid on Thursday, October 2nd. Investors of record on Friday, August 22nd were given a dividend of $0.566 per share. The ex-dividend date was Friday, August 22nd. This represents a yield of 140.0%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IHG. JPMorgan Chase & Co. lifted its position in Intercontinental Hotels Group by 125.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 451,823 shares of the company’s stock worth $52,113,000 after buying an additional 251,647 shares in the last quarter. Millennium Management LLC lifted its position in Intercontinental Hotels Group by 170.5% during the 1st quarter. Millennium Management LLC now owns 305,177 shares of the company’s stock valued at $33,444,000 after purchasing an additional 192,342 shares during the period. Lazard Asset Management LLC lifted its position in Intercontinental Hotels Group by 98.4% during the 2nd quarter. Lazard Asset Management LLC now owns 355,863 shares of the company’s stock valued at $41,044,000 after purchasing an additional 176,502 shares during the period. Marshall Wace LLP lifted its position in Intercontinental Hotels Group by 369.2% during the 2nd quarter. Marshall Wace LLP now owns 172,622 shares of the company’s stock valued at $19,910,000 after purchasing an additional 135,829 shares during the period. Finally, ABC Arbitrage SA acquired a new position in Intercontinental Hotels Group during the 2nd quarter valued at about $11,987,000. Institutional investors and hedge funds own 15.09% of the company’s stock.

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.