Intercontinental Hotels Group (NYSE:IHG) Sets New 52-Week High – Time to Buy?

Intercontinental Hotels Group (NYSE:IHG)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $164.46 and last traded at $163.2880, with a volume of 191046 shares trading hands. The stock had previously closed at $162.15.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on IHG. Sanford C. Bernstein raised their price objective on shares of Intercontinental Hotels Group from $141.00 to $154.00 and gave the company a “market perform” rating in a research note on Friday, May 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Intercontinental Hotels Group in a report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $154.00.

Intercontinental Hotels Group Stock Performance

The business’s fifty day moving average price is $146.68 and its 200-day moving average price is $140.85.

Hedge Funds Weigh In On Intercontinental Hotels Group

A number of institutional investors and hedge funds have recently made changes to their positions in IHG. CCLA Investment Management purchased a new position in shares of Intercontinental Hotels Group in the fourth quarter worth approximately $114,306,000. CIBC Bancorp USA Inc. purchased a new position in shares of Intercontinental Hotels Group in the third quarter worth approximately $42,374,000. Lord Abbett & CO. LLC purchased a new position in shares of Intercontinental Hotels Group in the fourth quarter worth approximately $26,758,000. Lazard Asset Management LLC boosted its holdings in shares of Intercontinental Hotels Group by 98.4% in the second quarter. Lazard Asset Management LLC now owns 355,863 shares of the company’s stock worth $41,044,000 after buying an additional 176,502 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Intercontinental Hotels Group by 55.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 406,572 shares of the company’s stock worth $54,261,000 after buying an additional 145,360 shares during the last quarter. 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 multinational hospitality company that develops, owns, manages and franchises a broad portfolio of hotels and resorts. The company operates across full-service luxury and upscale segments as well as midscale and extended-stay categories, providing lodging, food and beverage, meeting and event services, and related guest amenities. IHG’s business model emphasizes brand franchising and management agreements, while retaining ownership or direct investments in a smaller portion of its global property portfolio.

IHG’s brand portfolio spans global and regional names designed to serve different traveler needs and market segments.