Magnum Ice Cream Pick of the Week at Smart Insider Following $7.1 Million in Insider Purchases

MT Newswires Live12-16

Magnum Ice Cream (MICC) was Smart Insider's stock pick of the week after recent insider purchases increased to $7.1 million.

Smart Insider said it ranked the stock a "notable & positive signal" on Dec. 9 after Magnum's chief executive, chief financial officer, chief human resources officer, and three directors bought shares worth $4 million at 12.80 euros ($15.05) a share following the Unilever (UL) spinoff's trading debut on Dec. 8.

CEO Peter Ter Kulve bought another $1.8 million worth of Magnum shares at 12.92 euros apiece on Dec. 10, Smart Insider said in a Tuesday note.

Additional buying came from the CHRO, the chair, two directors, and an executive vice president, totaling about $3.1 million, according to Smart Insider.

"While the buying is likely coordinated, it is still aggressive," said Smart Insider, which upgraded the stock to "strong positive signal."

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