Van ECK Associates Corp Purchases New Position in The Magnum Ice Cream Company N.V. $MICC

Key Points

• Van ECK Associates purchased 221,876 shares of Magnum Ice Cream in the second quarter, worth approximately $3.86 million, joining several major institutions that recently initiated positions.
• Magnum Ice Cream reported quarterly earnings of $0.41 per share on $2.68 billion in revenue; analysts expect full-year earnings of about $1.10 per share.
• MICC shares opened at $19.73, near their 12-month high of $20.68. Analyst sentiment is mixed, with two Buy ratings, five Holds and one Sell, resulting in an overall “Hold” consensus.

Van ECK Associates Corp acquired a new stake in The Magnum Ice Cream Company N.V. (NYSE:MICC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 221,876 shares of the company's stock, valued at approximately $3,862,000.

Several other hedge funds also recently made changes to their positions in the company. FIL Ltd acquired a new stake in shares of Magnum Ice Cream during the fourth quarter worth about $360,762,000. Vanguard Group Inc. purchased a new position in Magnum Ice Cream during the 4th quarter worth approximately $344,031,000. First Eagle Investment Management LLC purchased a new position in Magnum Ice Cream during the 4th quarter worth approximately $260,541,000. Flossbach Von Storch SE purchased a new position in Magnum Ice Cream during the 2nd quarter worth approximately $218,507,000. Finally, Norges Bank acquired a new position in Magnum Ice Cream during the fourth quarter worth approximately $173,632,000.

Magnum Ice Cream Stock Down 0.6%

Shares of MICC stock opened at $19.73 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.78 and a debt-to-equity ratio of 3.10. The business's 50 day moving average is $18.92 and its two-hundred day moving average is $16.70. The Magnum Ice Cream Company N.V. has a twelve month low of $12.94 and a twelve month high of $20.68.

Magnum Ice Cream (NYSE:MICC - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $0.41 earnings per share for the quarter. The company had revenue of $2.68 billion for the quarter. Sell-side analysts expect that The Magnum Ice Cream Company N.V. will post 1.1 earnings per share for the current year.

Wall Street Analyst Weigh In

MICC has been the subject of several research analyst reports. Morgan Stanley reissued an "overweight" rating on shares of Magnum Ice Cream in a report on Wednesday, August 5th. 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. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of Magnum Ice Cream in a research note on Thursday, June 25th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold".

About Magnum Ice Cream

The Magnum Ice Cream Company N.V. engages in ice cream business. The Magnum Ice Cream Company N.V. is based in Amsterdam, Noord-Holland, Netherlands.

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