CION Investment Corporation $CION Shares Sold by Legacy Wealth Managment LLC ID

Legacy Wealth Managment LLC ID lessened its holdings in CION Investment Corporation (NYSE:CION) by 40.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 215,209 shares of the company’s stock after selling 145,734 shares during the period. CION Investment comprises about 1.0% of Legacy Wealth Managment LLC ID’s portfolio, making the stock its 20th largest holding. Legacy Wealth Managment LLC ID’s holdings in CION Investment were worth $2,081,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in CION. Quantbot Technologies LP purchased a new stake in shares of CION Investment during the second quarter worth about $284,000. Invesco Ltd. grew its holdings in shares of CION Investment by 33.6% during the second quarter. Invesco Ltd. now owns 1,343,185 shares of the company’s stock worth $12,854,000 after buying an additional 338,121 shares in the last quarter. StoneX Group Inc. increased its stake in shares of CION Investment by 18.0% in the 2nd quarter. StoneX Group Inc. now owns 22,031 shares of the company’s stock worth $211,000 after acquiring an additional 3,365 shares during the last quarter. Raymond James Financial Inc. lifted its holdings in CION Investment by 4.3% in the second quarter. Raymond James Financial Inc. now owns 182,218 shares of the company’s stock valued at $1,744,000 after acquiring an additional 7,532 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in shares of CION Investment by 20.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 49,018 shares of the company’s stock worth $469,000 after purchasing an additional 8,183 shares during the period. 32.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CION has been the subject of a number of research analyst reports. Weiss Ratings cut CION Investment from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, March 27th. Wall Street Zen cut CION Investment from a “strong-buy” rating to a “hold” rating in a research note on Saturday, March 14th. Zacks Research cut shares of CION Investment from a “hold” rating to a “strong sell” rating in a report on Monday, March 16th. Finally, Wells Fargo & Company dropped their target price on CION Investment from $8.50 to $7.00 and set an “underweight” rating on the stock in a report on Friday, March 13th. Three analysts have rated the stock with a Sell rating, According to MarketBeat, the company currently has a consensus rating of “Strong Sell” and a consensus price target of $7.00.

CION Investment Stock Performance

CION Investment stock opened at $7.27 on Friday. CION Investment Corporation has a fifty-two week low of $6.50 and a fifty-two week high of $10.93. The firm has a market capitalization of $361.72 million, a price-to-earnings ratio of -181.58 and a beta of 1.16. The stock’s fifty day moving average is $7.35 and its two-hundred day moving average is $8.73.

CION Investment (NYSE:CION) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.02). CION Investment had a negative net margin of 0.41% and a positive return on equity of 11.61%. The company had revenue of $49.54 million during the quarter, compared to analysts’ expectations of $49.12 million. As a group, sell-side analysts forecast that CION Investment Corporation will post 1.03 EPS for the current fiscal year.

CION Investment Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be paid a dividend of $0.10 per share. This represents a c) annualized dividend and a dividend yield of 16.5%. The ex-dividend date of this dividend is Friday, September 11th. CION Investment’s dividend payout ratio (DPR) is currently -3,000.00%.

More CION Investment News

Here are the key news stories impacting CION Investment this week:

• Positive Sentiment: CION continues to support income-focused investors with a monthly dividend of $0.10 per share, implying an annualized yield of about 16.2%.
• Positive Sentiment: Revenue came in slightly ahead of expectations, showing the top line held up better than earnings. CION earnings report and transcript
• Neutral Sentiment: Management discussed a plan to bring leverage down toward 1.30-1.35 over the next couple of quarters, which may improve balance-sheet flexibility but does not provide an immediate earnings catalyst. CION leverage plan article
• Negative Sentiment: Q1 earnings of $0.25 per share missed the $0.27 consensus estimate, compared with $0.36 a year earlier, signaling weaker profitability. CION earnings miss article
• Negative Sentiment: Lower investment income and a decline in net asset value weighed on sentiment, contributing to the stock’s decline. CION stock dips on Q1 earnings miss article

CION Investment 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.