Magnum Ice Cream (NYSE:MICC) Cut to Equal Weight at Morgan Stanley

Magnum Ice Cream (NYSE:MICC) was downgraded by equities researchers at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a note issued to investors on Friday, Marketbeat.com reports.

Other equities research analysts have also recently issued research reports about the company. Citigroup began coverage on Magnum Ice Cream in a research note on Tuesday, September 15th. They set a “neutral” rating for the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Magnum Ice Cream in a research report on Wednesday, October 28th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Magnum Ice Cream in a research report on Tuesday, October 6th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of Magnum Ice Cream in a research note on Wednesday, September 9th. One analyst has rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold”.

Magnum Ice Cream Stock Performance

Shares of MICC opened at $20.10 on Friday. The company has a quick ratio of 0.78, a current ratio of 1.01 and a debt-to-equity ratio of 3.10. Magnum Ice Cream has a 12-month low of $12.94 and a 12-month high of $20.68. The business has a 50-day simple moving average of $18.94 and a two-hundred day simple moving average of $17.27.

Institutional Trading of Magnum Ice Cream

Several hedge funds have recently made changes to their positions in MICC. Jacobi Capital Management LLC bought a new position in shares of Magnum Ice Cream during the 3rd quarter worth $30,000. Pictet Asset Management Holding SA increased its holdings in Magnum Ice Cream by 14.0% in the 3rd quarter. Pictet Asset Management Holding SA now owns 450,087 shares of the company’s stock worth $8,031,000 after acquiring an additional 55,314 shares during the last quarter. Pzena Investment Management LLC increased its holdings in Magnum Ice Cream by 6.2% in the 3rd quarter. Pzena Investment Management LLC now owns 14,014,899 shares of the company’s stock worth $249,185,000 after acquiring an additional 815,283 shares during the last quarter. Convergence Financial LLC bought a new stake in Magnum Ice Cream in the 3rd quarter valued at about $475,000. Finally, Generali Asset Management SPA SGR raised its stake in Magnum Ice Cream by 421.1% in the 3rd quarter. Generali Asset Management SPA SGR now owns 33,861 shares of the company’s stock valued at $602,000 after acquiring an additional 27,363 shares during the period.

Magnum Ice Cream Company Profile

Magnum Ice Cream N.V. is a global ice cream company formed through the separation of Unilever’s ice cream business. The company develops, manufactures and markets packaged ice cream products across multiple categories, including indulgent treats, family ice cream and everyday refreshment products.

Its portfolio includes well-known brands such as Magnum, Wall’s, Ben & Jerry’s, Cornetto, Carte d’Or, Solero and Breyers, although brand availability varies by market. Products are sold through retail, convenience, food-service and other distribution channels in markets around the world.

Magnum Ice Cream is headquartered in Amsterdam, the Netherlands.