Magnum Ice Cream (NYSE:MICC) Reaches New 1-Year Low - Time to Sell?

Key Points

• Magnum Ice Cream (MICC) hit a new 52-week low, trading as low as $13.96 and last at $14.0990, down about 2.4% and below its 50‑day simple moving average of $15.87.
• Analyst sentiment has turned negative—three Sell ratings, one Hold and one Buy leave the company with an overall average rating of "Reduce" after recent downgrades from Weiss, Goldman Sachs and Zacks.
• Despite the selloff, major institutions established large new stakes in Q4, with FIL, Vanguard, First Eagle, Norges Bank and Barclays each buying positions valued roughly between $156 million and $361 million.

The Magnum Ice Cream Company N.V. (NYSE:MICC - Get Free Report)'s stock price reached a new 52-week low during trading on Monday . The company traded as low as $13.96 and last traded at $14.0990, with a volume of 309038 shares. The stock had previously closed at $14.46.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Weiss Ratings cut shares of Magnum Ice Cream from a "hold (c)" rating to a "sell (d+)" rating in a report on Friday, March 20th. The Goldman Sachs Group cut shares of Magnum Ice Cream from a "neutral" rating to a "sell" rating in a report on Friday, March 20th. Berenberg Bank raised shares of Magnum Ice Cream to a "hold" rating in a report on Friday, February 27th. Oddo Bhf initiated coverage on Magnum Ice Cream in a research report on Thursday, January 15th. They set an "outperform" rating on the stock. Finally, Zacks Research downgraded Magnum Ice Cream from a "hold" rating to a "strong sell" rating in a research report on Thursday, March 5th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Reduce".

Magnum Ice Cream Stock Down 2.4%

The company's 50-day simple moving average is $15.87.

Hedge Funds Weigh In On Magnum Ice Cream

Several hedge funds have recently made changes to their positions in MICC. FIL Ltd purchased a new position in shares of Magnum Ice Cream in the fourth quarter valued at $360,762,000. Vanguard Group Inc. purchased a new position in shares of Magnum Ice Cream in the fourth quarter valued at $344,031,000. First Eagle Investment Management LLC bought a new position in shares of Magnum Ice Cream in the fourth quarter worth $260,541,000. Norges Bank bought a new position in shares of Magnum Ice Cream in the fourth quarter worth $173,632,000. Finally, Barclays PLC bought a new position in shares of Magnum Ice Cream in the fourth quarter worth $156,326,000.

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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