Magnum Ice Cream (NYSE:MICC) Shares Gap Down - Time to Sell?

Key Points

• Magnum Ice Cream shares fell 3.6%, opening at $17.12 versus a prior close of $17.78, and most recently traded near $17.22.
• Analyst sentiment remains cautious: two analysts rate the stock Buy, seven Hold, and one Sell, resulting in a consensus “Hold” rating.
• The company reported quarterly EPS of $0.41 on $2.68 billion in revenue, while institutional investors—including First Eagle, Flossbach von Storch, Norges Bank, Barclays, and Pzena—have built or increased positions.

The Magnum Ice Cream Company N.V. (NYSE:MICC - Get Free Report) gapped down before the market opened on Thursday. The stock had previously closed at $17.78, but opened at $17.12. Magnum Ice Cream shares last traded at $17.2160, with a volume of 138,669 shares trading hands.

Analyst Ratings Changes

Several equities analysts have recently commented on MICC shares. Citigroup assumed coverage on shares of Magnum Ice Cream in a research note on Tuesday, September 15th. They set a "neutral" rating for the company. Weiss Ratings raised Magnum Ice Cream from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, July 30th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Magnum Ice Cream in a research report on Thursday, June 25th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of Magnum Ice Cream in a research report on Wednesday, September 9th. Finally, Morgan Stanley reissued an "overweight" rating on shares of Magnum Ice Cream in a research note on Wednesday, August 5th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold".

Magnum Ice Cream Stock Down 3.6%

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 company's fifty day moving average is $19.21 and its 200-day moving average is $17.14.

Magnum Ice Cream (NYSE:MICC - Get Free Report) last issued 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. Analysts forecast that The Magnum Ice Cream Company N.V. will post 1.09 EPS for the current year.

Hedge Funds Weigh In On Magnum Ice Cream

Several institutional investors have recently made changes to their positions in the company. First Eagle Investment Management LLC boosted its stake in Magnum Ice Cream by 1.4% in the second quarter. First Eagle Investment Management LLC now owns 23,021,501 shares of the company's stock valued at $400,636,000 after acquiring an additional 312,157 shares in the last quarter. Flossbach Von Storch SE acquired a new stake in Magnum Ice Cream during the second quarter worth about $218,507,000. Norges Bank purchased a new position in shares of Magnum Ice Cream during the 4th quarter valued at approximately $173,632,000. Barclays PLC acquired a new position in shares of Magnum Ice Cream in the fourth quarter worth about $156,326,000. Finally, Pzena Investment Management LLC purchased a new position in Magnum Ice Cream during the first quarter worth approximately $105,191,000.

Magnum Ice Cream Company Profile

Magnum Ice Cream Company N.V. is a global ice cream business headquartered in Amsterdam, the Netherlands. The company was established as an independent business following the separation of Unilever's ice cream operations and is listed on the New York Stock Exchange under the symbol MICC.

Its portfolio includes Magnum, Wall's, Ben & Jerry's, Cornetto, Carte D'Or, Solero, Viennetta, Breyers and Talenti, among other regional and local brands. Products span ice cream tubs, sticks, cones, sandwiches and other frozen desserts, sold through grocery retailers, convenience stores, food-service outlets and other distribution channels.

The company serves consumers across multiple regions, including Europe, North America, Latin America and parts of Asia-Pacific.

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