Intercontinental Hotels Group (NYSE:IHG) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Intercontinental Hotels Group (NYSE:IHG)’s share price crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $156.04 and traded as high as $161.09. Intercontinental Hotels Group shares last traded at $160.7670, with a volume of 194,604 shares traded.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Intercontinental Hotels Group in a research note on Friday, August 21st. Jefferies Financial Group boosted their price target on Intercontinental Hotels Group from $160.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, June 26th. UBS Group upgraded Intercontinental Hotels Group from a “neutral” rating to a “buy” rating and set a $188.00 price target on the stock in a research report on Wednesday, September 2nd. Finally, Zacks Research raised Intercontinental Hotels Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $179.00.

Intercontinental Hotels Group Trading Up 3.7%

The firm’s fifty day moving average is $158.78 and its 200-day moving average is $156.24.

Intercontinental Hotels Group Cuts Dividend

The firm also recently announced a dividend, which was paid on Thursday, October 1st. Shareholders of record on Friday, August 21st were given a dividend of $0.6450 per share. This represents a yield of 81.0%. The ex-dividend date was Friday, August 21st. This is a negative change from Intercontinental Hotels Group’s previous dividend of $1.2590.

Hedge Funds Weigh In On Intercontinental Hotels Group

Large investors have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd lifted its holdings in Intercontinental Hotels Group by 1,946.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 266 shares of the company’s stock valued at $37,000 after acquiring an additional 253 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in shares of Intercontinental Hotels Group during the 2nd quarter worth $82,000. Parallel Advisors LLC boosted its position in shares of Intercontinental Hotels Group by 14.7% during the 1st quarter. Parallel Advisors LLC now owns 1,353 shares of the company’s stock worth $181,000 after purchasing an additional 173 shares in the last quarter. Baron Wealth Management LLC acquired a new position in shares of Intercontinental Hotels Group during the 2nd quarter worth $236,000. Finally, Compound Planning Inc. grew its stake in shares of Intercontinental Hotels Group by 5.4% during the 1st quarter. Compound Planning Inc. now owns 1,694 shares of the company’s stock worth $226,000 after purchasing an additional 87 shares during the period. 15.09% of the stock is owned by hedge funds and other institutional investors.

About Intercontinental Hotels Group

InterContinental Hotels Group PLC (NYSE: IHG), commonly known as IHG Hotels & Resorts, is a global hospitality company that operates, manages, franchises and licenses hotels and resorts. Its portfolio serves a broad range of travelers, from luxury and lifestyle guests to business and value-oriented customers.

IHG’s brand family includes InterContinental, Regent Hotels & Resorts, Six Senses, Kimpton, Vignette Collection, Crowne Plaza, voco, Hotel Indigo, Holiday Inn, Holiday Inn Express, Staybridge Suites, Candlewood Suites, avid hotels, Atwell Suites and Garner Hotel.