Pioneer Investment Management Inc. Sells 2,542 Shares of Intercontinental Hotels Group (IHG)
Pioneer Investment Management Inc. lowered its stake in Intercontinental Hotels Group (NYSE:IHG) by 4.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 57,178 shares of the company’s stock after selling 2,542 shares during the period. Pioneer Investment Management Inc.’s holdings in Intercontinental Hotels Group were worth $3,175,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd bought a new position in Intercontinental Hotels Group during the first quarter valued at $207,000. FCA Corp TX bought a new position in Intercontinental Hotels Group during the first quarter valued at $221,000. Greenleaf Trust bought a new position in Intercontinental Hotels Group during the first quarter valued at $255,000. CIBC World Markets Inc. increased its position in Intercontinental Hotels Group by 20.1% in the first quarter. CIBC World Markets Inc. now owns 5,662 shares of the company’s stock valued at $277,000 after buying an additional 948 shares during the last quarter. Finally, Koch Industries Inc. bought a new position in Intercontinental Hotels Group during the first quarter valued at $282,000. 6.82% of the stock is owned by institutional investors.
Shares of Intercontinental Hotels Group (IHG) opened at 51.99 on Tuesday. Intercontinental Hotels Group has a 52-week low of $39.82 and a 52-week high of $57.80. The firm’s 50-day moving average price is $55.61 and its 200-day moving average price is $53.22. The stock has a market cap of $10.19 billion, a P/E ratio of 23.31 and a beta of 1.34.
The business also recently declared a special dividend, which will be paid on Friday, October 6th. Stockholders of record on Friday, September 1st will be paid a $0.33 dividend. The ex-dividend date is Wednesday, August 30th.
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A number of equities research analysts have recently commented on the company. Zacks Investment Research raised Intercontinental Hotels Group from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research report on Wednesday, June 7th. Bank of America Corporation reaffirmed a “buy” rating on shares of Intercontinental Hotels Group in a research report on Tuesday, July 25th. 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, BidaskClub downgraded Intercontinental Hotels Group from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 13th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. Intercontinental Hotels Group has a consensus rating of “Hold” and an average target price of $50.33.
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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