Closed End Fund Advisors Inc. Makes New $4.60 Million Investment in CION Investment Corporation $CION

Closed End Fund Advisors Inc. purchased a new position in CION Investment Corporation (NYSE:CION) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 475,908 shares of the company’s stock, valued at approximately $4,602,000. CION Investment makes up approximately 2.7% of Closed End Fund Advisors Inc.’s portfolio, making the stock its 8th biggest position. Closed End Fund Advisors Inc. owned 0.91% of CION Investment at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CION. BNP Paribas Financial Markets acquired a new stake in CION Investment in the third quarter worth about $37,000. Geneos Wealth Management Inc. boosted its holdings in CION Investment by 21.7% in the second quarter. Geneos Wealth Management Inc. now owns 8,802 shares of the company’s stock worth $84,000 after acquiring an additional 1,571 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in CION Investment by 183.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 8,872 shares of the company’s stock worth $86,000 after acquiring an additional 5,739 shares in the last quarter. Arete Wealth Advisors LLC acquired a new stake in CION Investment in the third quarter worth about $95,000. Finally, Diversify Advisory Services LLC acquired a new stake in CION Investment in the fourth quarter worth about $95,000. Institutional investors and hedge funds own 32.01% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CION shares. Weiss Ratings raised CION Investment from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday. Wells Fargo & Company decreased their target price on CION Investment from $7.00 to $6.50 and set an “underweight” rating for the company in a report on Monday, May 11th. Zacks Research raised CION Investment from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Finally, Wall Street Zen downgraded CION Investment from a “strong-buy” rating to a “hold” rating in a report on Saturday, March 14th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $6.50.

CION Investment Stock Down 3.0%

CION Investment stock opened at $6.72 on Friday. CION Investment Corporation has a 52 week low of $6.50 and a 52 week high of $10.93. The company has a market capitalization of $334.34 million, a price-to-earnings ratio of -167.83 and a beta of 1.10. The stock has a 50-day moving average price of $7.06 and a 200 day moving average price of $8.33.

CION Investment (NYSE:CION) last released its earnings results on Thursday, May 7th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.02). CION Investment had a positive return on equity of 11.96% and a negative net margin of 0.41%.The firm had revenue of $49.54 million for the quarter, compared to analyst estimates of $49.12 million. Research analysts anticipate that CION Investment Corporation will post 1.05 EPS for the current fiscal year.

CION Investment Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a c) dividend on an annualized basis and a yield of 17.9%. CION Investment’s payout ratio is presently -3,000.00%.

About CION Investment

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.