Intercontinental Hotels Group (NYSE:IHG) Reaches New 12-Month High - Time to Buy?

Key Points

• IHG shares hit a new 52-week high, reaching $181.71 and last trading at $181.33, above the prior close of $180.93.
• Analysts have a consensus “Moderate Buy” rating, with an average price target of $179—slightly below the latest trading price.
• Several institutional investors increased their IHG holdings, and hedge funds and other institutions collectively own 15.09% of the company’s shares.

Intercontinental Hotels Group (NYSE:IHG - Get Free Report) shares reached a new 52-week high during trading on Wednesday. The stock traded as high as $181.71 and last traded at $181.33, with a volume of 25,781 shares. The stock had previously closed at $180.93.

Analyst Ratings Changes

IHG has been the subject of a number of recent research reports. Bank of America reissued a "buy" rating on shares of Intercontinental Hotels Group in a research note on Thursday, October 22nd. Zacks Research upgraded Intercontinental Hotels Group from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 26th. Weiss Ratings reiterated a "buy (b)" rating on shares of Intercontinental Hotels Group in a research report on Friday, August 21st. Finally, UBS Group raised Intercontinental Hotels Group from a "neutral" rating to a "buy" rating and set a $188.00 price objective for the company in a research note on Wednesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $179.00.

Intercontinental Hotels Group Stock Performance

The company has a 50 day moving average price of $162.77 and a 200-day moving average price of $153.54.

Hedge Funds Weigh In On Intercontinental Hotels Group

Several hedge funds and other institutional investors have recently modified their holdings of IHG. Arrowstreet Capital Limited Partnership raised its position in shares of Intercontinental Hotels Group by 55.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 406,572 shares of the company's stock worth $54,261,000 after acquiring an additional 145,360 shares in the last quarter. ABC Arbitrage SA lifted its position in Intercontinental Hotels Group by 31.0% during the 1st quarter. ABC Arbitrage SA now owns 134,259 shares of the company's stock valued at $17,918,000 after acquiring an additional 31,754 shares during the period. Quantinno Capital Management LP boosted its stake in Intercontinental Hotels Group by 25.0% during the first quarter. Quantinno Capital Management LP now owns 93,268 shares of the company's stock worth $12,448,000 after acquiring an additional 18,631 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Intercontinental Hotels Group by 198.5% during the first quarter. Renaissance Technologies LLC now owns 60,600 shares of the company's stock worth $8,088,000 after acquiring an additional 40,300 shares in the last quarter. Finally, Gradient Investments LLC grew its holdings in Intercontinental Hotels Group by 4.2% in the second quarter. Gradient Investments LLC now owns 38,964 shares of the company's stock worth $6,745,000 after purchasing an additional 1,560 shares during the period. Hedge funds and other institutional investors own 15.09% of the company's stock.

About Intercontinental Hotels Group

InterContinental Hotels Group PLC (IHG) is a global hospitality company that operates, manages and franchises hotels and resorts. Its portfolio spans luxury and premium properties, full-service and select-service hotels, and extended-stay accommodations. IHG's brands include InterContinental, Six Senses, Regent, Kimpton, Hotel Indigo, voco, Crowne Plaza, Holiday Inn, Holiday Inn Express, Staybridge Suites and Candlewood Suites. The company also operates IHG One Rewards, a loyalty program for guests across its participating brands.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.