Magnum Ice Cream (NYSE:MICC) Cut to "Equal Weight" at Morgan Stanley

Key Points

• Morgan Stanley downgraded Magnum Ice Cream from “overweight” to “equal weight.”
• Analyst sentiment is broadly neutral: MarketBeat reports one Buy, eight Hold and one Sell rating, for an average rating of “Hold.”
• Shares opened at $20.10 Friday, near their one-year high of $20.68, and were down 0.2% in trading.

Magnum Ice Cream (NYSE:MICC - Get Free Report) was downgraded by Morgan Stanley from an "overweight" rating to an "equal weight" rating in a note issued to investors on Friday, Marketbeat Ratings reports.

Several other brokerages also recently weighed in on MICC. Jefferies Financial Group reiterated a "hold" rating on shares of Magnum Ice Cream in a report on Tuesday, October 6th. Citigroup began coverage on shares of Magnum Ice Cream in a research note on Tuesday, September 15th. They issued a "neutral" rating on the stock. Weiss Ratings reissued a "hold (c-)" rating on shares of Magnum Ice Cream in a report on Wednesday, October 28th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating on shares of Magnum Ice Cream in a research note on Wednesday, September 9th. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold".

Magnum Ice Cream Trading Down 0.2%

MICC opened at $20.10 on Friday. The company has a debt-to-equity ratio of 3.10, a quick ratio of 0.78 and a current ratio of 1.01. The stock's 50 day simple moving average is $18.94 and its 200 day simple moving average is $17.27. Magnum Ice Cream has a 1-year low of $12.94 and a 1-year high of $20.68.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Jacobi Capital Management LLC bought a new position in Magnum Ice Cream during the third quarter worth about $30,000. Pictet Asset Management Holding SA lifted its stake in Magnum Ice Cream by 14.0% in the third quarter. Pictet Asset Management Holding SA now owns 450,087 shares of the company's stock valued at $8,031,000 after buying an additional 55,314 shares during the period. Pzena Investment Management LLC grew its holdings in shares of Magnum Ice Cream by 6.2% in the 3rd quarter. Pzena Investment Management LLC now owns 14,014,899 shares of the company's stock valued at $249,185,000 after buying an additional 815,283 shares during the period. Convergence Financial LLC acquired a new stake in Magnum Ice Cream during the 3rd quarter worth approximately $475,000. Finally, Generali Asset Management SPA SGR grew its holdings in shares of Magnum Ice Cream by 421.1% during the third quarter. Generali Asset Management SPA SGR now owns 33,861 shares of the company's stock worth $602,000 after buying an additional 27,363 shares in the last quarter.

About Magnum Ice Cream

Magnum Ice Cream N.V. is a global ice cream company formed through the separation of Unilever's ice cream business. The company develops, manufactures and markets packaged ice cream products across multiple categories, including indulgent treats, family ice cream and everyday refreshment products.

Its portfolio includes well-known brands such as Magnum, Wall's, Ben & Jerry's, Cornetto, Carte d'Or, Solero and Breyers, although brand availability varies by market. Products are sold through retail, convenience, food-service and other distribution channels in markets around the world.

Magnum Ice Cream is headquartered in Amsterdam, the Netherlands.

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