Magnum Ice Cream (NYSE:MICC) Reaches New 1-Year High - Here's What Happened

Key Points

• Magnum Ice Cream reached a new 52-week high, trading as high as $20.22, up 1.3% from its previous close, though trading volume was relatively light at 3,936 shares.
• Analyst sentiment remains mixed but has improved, with recent upgrades from Zacks Research and Weiss Ratings. The stock carries an average “Hold” rating, based on two Buy, five Hold, and one Sell recommendation.
• The company reported quarterly EPS of $0.41 on $2.68 billion in revenue, while institutional ownership expanded with Vanguard taking a position valued at approximately $344 million.

The Magnum Ice Cream Company N.V. (NYSE:MICC - Get Free Report) hit a new 52-week high during trading on Monday . The stock traded as high as $20.22 and last traded at $20.22, with a volume of 3936 shares changing hands. The stock had previously closed at $19.96.

Analysts Set New Price Targets

MICC has been the subject of a number of recent research reports. Zacks Research upgraded shares of Magnum Ice Cream from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 5th. Jefferies Financial Group restated a "hold" rating on shares of Magnum Ice Cream in a report on Thursday, June 25th. Weiss Ratings upgraded Magnum Ice Cream from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, July 30th. Finally, Morgan Stanley reissued 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, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Magnum Ice Cream presently has an average rating of "Hold".

Magnum Ice Cream Stock Up 1.3%

The company has a debt-to-equity ratio of 3.10, a current ratio of 1.01 and a quick ratio of 0.78. The stock's 50 day moving average price is $18.37 and its two-hundred day moving average price is $16.59.

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

Hedge Funds Weigh In On Magnum Ice Cream

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC bought a new position in shares of Magnum Ice Cream during the 4th quarter worth about $75,000. TD Waterhouse Canada Inc. acquired a new position in shares of Magnum Ice Cream in the 4th quarter worth approximately $57,000. Evergreen Capital Management LLC bought a new position in shares of Magnum Ice Cream during the 4th quarter worth approximately $285,000. ProVise Management Group LLC acquired a new stake in Magnum Ice Cream in the 4th quarter valued at $633,000. Finally, Vanguard Group Inc. acquired a new position in Magnum Ice Cream during the fourth quarter worth $344,031,000.

Magnum Ice Cream Company Profile

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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