InterContinental Hotels Group PLC (NYSE:IHG) dropped 1.5% during mid-day trading on Wednesday . The company traded as low as $35.85 and last traded at $36.62, with a volume of 342,667 shares changing hands. The stock had previously closed at $37.17.

IHG has been the topic of a number of research reports. Beaufort Securities restated a “buy” rating on shares of InterContinental Hotels Group PLC in a research note on Monday, May 9th. Morgan Stanley cut InterContinental Hotels Group PLC from an “overweight” rating to an “equal weight” rating in a research note on Thursday, March 17th. JPMorgan Chase & Co. cut InterContinental Hotels Group PLC from a “neutral” rating to an “underweight” rating in a research note on Thursday, April 14th. Zacks Investment Research cut InterContinental Hotels Group PLC from a “hold” rating to a “sell” rating in a research note on Wednesday, June 29th. Finally, Goldman Sachs Group Inc. cut InterContinental Hotels Group PLC from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 21st. Four analysts have rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of GBX 2,321.25 ($30.83).

The firm has a 50 day moving average price of $38.07 and a 200-day moving average price of $43.15. The stock has a market capitalization of $7.21 billion and a P/E ratio of 5.97.

Several hedge funds have added to or reduced their stakes in the company. US Bancorp DE boosted its stake in InterContinental Hotels Group PLC by 558.4% in the fourth quarter. US Bancorp DE now owns 64,512 shares of the company’s stock valued at $2,499,000 after buying an additional 54,713 shares in the last quarter. Freestone Capital Holdings LLC boosted its position in InterContinental Hotels Group PLC by 19.5% in the fourth quarter. Freestone Capital Holdings LLC now owns 65,082 shares of the company’s stock valued at $2,521,000 after buying an additional 10,620 shares in the last quarter. Finally, Alerus Investment Advisors Corp purchased a new position in InterContinental Hotels Group PLC during the fourth quarter valued at $3,907,000.

InterContinental Hotels Group PLC is a hotel company. The Company operates hotels in three ways: as a franchisor, as a manager, and on an owned and leased basis. The Company’s segments include Americas; Europe; Asia, Middle East and Africa (AMEA); Greater China, and Central. The Company operates a portfolio of hotel brands, including InterContinental, HUALUXE Hotels and Resorts, Kimpton Hotels and Restaurants, Crowne Plaza, Hotel Indigo, EVEN Hotels, Holiday Inn, Holiday Inn Express, Staybridge Suites and Candlewood Suites.

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