Bank of America Corp DE Purchases 553,262 Shares of The Magnum Ice Cream Company N.V. $MICC

Key Points

• Bank of America increased its Magnum Ice Cream stake by 14.4% in the second quarter, purchasing 553,262 shares to hold 4.39 million shares valued at approximately $76.5 million, or 0.72% of the company.
• Analyst sentiment remains mixed but leans neutral: two analysts rate MICC a Buy, seven rate it Hold, and one rates it Sell, resulting in a consensus “Hold” rating.
• Magnum Ice Cream shares opened at $18.96, near the middle of their $12.94–$20.68 52-week range. The company reported quarterly revenue of $2.68 billion and earnings of $0.41 per share.

Bank of America Corp DE lifted its stake in The Magnum Ice Cream Company N.V. (NYSE:MICC - Free Report) by 14.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,393,528 shares of the company's stock after buying an additional 553,262 shares during the period. Bank of America Corp DE owned about 0.72% of Magnum Ice Cream worth $76,491,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. BNP Paribas acquired a new stake in shares of Magnum Ice Cream during the fourth quarter worth approximately $27,000. Cullen Frost Bankers Inc. bought a new position in Magnum Ice Cream in the 4th quarter valued at $28,000. Leonteq Securities AG acquired a new position in Magnum Ice Cream during the 4th quarter valued at about $30,000. Larson Financial Group LLC bought a new position in Magnum Ice Cream in the fourth quarter valued at approximately $37,000. Finally, Banque Cantonale Vaudoise acquired a new stake in Magnum Ice Cream during the 1st quarter worth $37,000.

Analyst Ratings Changes

Several analysts have commented on the stock. Weiss Ratings upgraded shares of Magnum Ice Cream from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, July 30th. Citigroup initiated coverage on Magnum Ice Cream in a research note on Tuesday. They set a "neutral" rating for the company. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of Magnum Ice Cream in a report on Wednesday, September 9th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Magnum Ice Cream in a research note on Thursday, June 25th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Magnum Ice Cream in a report on Wednesday, August 5th. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold".

Magnum Ice Cream Trading Up 0.2%

NYSE:MICC opened at $18.96 on Friday. The Magnum Ice Cream Company N.V. has a 52-week low of $12.94 and a 52-week high of $20.68. The company has a quick ratio of 0.78, a current ratio of 1.01 and a debt-to-equity ratio of 3.10. The stock's 50-day simple moving average is $19.14 and its 200 day simple moving average is $16.93.

Magnum Ice Cream (NYSE:MICC - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $0.41 earnings per share for the quarter. The firm had revenue of $2.68 billion during the quarter. On average, analysts forecast that The Magnum Ice Cream Company N.V. will post 1.1 EPS for the current fiscal year.

Magnum Ice Cream Profile

The Magnum Ice Cream Company N.V. is a global ice cream company formed through the separation of Unilever's ice cream business. The company develops, manufactures and markets branded ice cream products for retail, foodservice and other distribution channels.

Its portfolio includes Magnum, Ben & Jerry's, Wall's, Cornetto, Solero, Carte d'Or, Viennetta and Breyers, among other regional and local brands. Products include ice cream tubs, cones, sticks, sandwiches and other frozen desserts.

The company serves consumers across multiple international markets through a combination of owned operations, manufacturing facilities and distribution partners.

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