Magnum Ice Cream (NYSE:MICC) Shares Gap Down – What’s Next?

Shares of The Magnum Ice Cream Company N.V. (NYSE:MICC) gapped down prior to trading 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.

Wall Street Analysts Forecast Growth

MICC has been the topic of several recent research reports. Citigroup assumed coverage on shares of Magnum Ice Cream in a research report on Tuesday, September 15th. They set a “neutral” rating on the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of Magnum Ice Cream in a research note on Wednesday, September 9th. Weiss Ratings upgraded Magnum Ice Cream from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, July 30th. Morgan Stanley reiterated an “overweight” rating on shares of Magnum Ice Cream in a report on Wednesday, August 5th. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of Magnum Ice Cream in a research report on Thursday, June 25th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Magnum Ice Cream presently has an average rating of “Hold”.

Magnum Ice Cream Trading Down 3.6%

The business’s fifty day moving average is $19.21 and its 200 day moving average is $17.14. The company has a current ratio of 1.01, a quick ratio of 0.78 and a debt-to-equity ratio of 3.10.

Magnum Ice Cream (NYSE:MICC) last released 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 during the quarter. On average, equities analysts predict that The Magnum Ice Cream Company N.V. will post 1.09 earnings per share for the current year.

Hedge Funds Weigh In On Magnum Ice Cream

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MICC. BNP Paribas bought a new stake in shares of Magnum Ice Cream in the 4th quarter worth about $27,000. Banque Cantonale Vaudoise bought a new position in shares of Magnum Ice Cream in the first quarter valued at approximately $37,000. Credit Industriel ET Commercial lifted its holdings in shares of Magnum Ice Cream by 144.4% in the first quarter. Credit Industriel ET Commercial now owns 2,957 shares of the company’s stock valued at $43,000 after buying an additional 1,747 shares during the period. Manchester Capital Management LLC acquired a new position in shares of Magnum Ice Cream in the 4th quarter worth approximately $44,000. Finally, Bollard Group LLC acquired a new stake in shares of Magnum Ice Cream during the 4th quarter valued at $56,000.

About Magnum Ice Cream

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.