CION Investment (NYSE:CION) Announces Quarterly Earnings Results

CION Investment (NYSE:CION) announced its quarterly earnings results on Thursday. The company reported ($0.78) earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($1.17), reports. The company had revenue of $53.79 million during the quarter, compared to analyst estimates of $51.77 million. CION Investment had a return on equity of 12.02% and a net margin of 10.59%.

CION Investment Price Performance

CION stock opened at $7.27 on Thursday. The business has a fifty day moving average price of $8.90 and a 200 day moving average price of $9.47. CION Investment has a fifty-two week low of $7.40 and a fifty-two week high of $12.19. The stock has a market capitalization of $378.46 million, a price-to-earnings ratio of 14.15 and a beta of 1.09.

CION Investment Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, March 13th. This represents a c) dividend on an annualized basis and a yield of 16.5%. CION Investment’s dividend payout ratio is 235.29%.

Institutional Trading of CION Investment

Several hedge funds have recently modified their holdings of the stock. Invesco Ltd. increased its stake in shares of CION Investment by 33.6% in the 2nd quarter. Invesco Ltd. now owns 1,343,185 shares of the company’s stock valued at $12,854,000 after buying an additional 338,121 shares during the period. Jane Street Group LLC lifted its holdings in CION Investment by 406.9% in the fourth quarter. Jane Street Group LLC now owns 317,818 shares of the company’s stock valued at $3,073,000 after buying an additional 255,115 shares during the period. Sherman Porfolios LLC bought a new position in CION Investment in the fourth quarter valued at approximately $1,874,000. Tudor Investment Corp ET AL bought a new position in CION Investment in the fourth quarter valued at approximately $1,832,000. Finally, North Ground Capital grew its holdings in CION Investment by 8.4% during the 4th quarter. North Ground Capital now owns 1,086,992 shares of the company’s stock worth $10,511,000 after acquiring an additional 84,214 shares during the period. 32.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CION. Weiss Ratings reiterated a “hold (c)” rating on shares of CION Investment in a research note on Monday, December 29th. Zacks Research downgraded shares of CION Investment from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Finally, Wall Street Zen upgraded shares of CION Investment from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 17th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $8.50.

CION Investment Company Profile

CION Investment Corporation is a closed‐end, non‐diversified management investment company organized as a business development company under the Investment Company Act of 1940. Externally managed by CION Investment Management, LLC, the firm specializes in providing flexible capital solutions to U.S. and Canadian middle‐market companies. By combining debt and equity financing, CION seeks to support growth, acquisitions, recapitalizations and other strategic initiatives for its portfolio companies.

The company’s investment strategy centers on senior secured loans, subordinated debt and private equity interests.