Legacy Wealth Managment LLC ID Trims Stake in CION Investment Corporation $CION

Legacy Wealth Managment LLC ID lessened its stake in shares of CION Investment Corporation (NYSE:CION) by 41.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 121,169 shares of the company’s stock after selling 86,893 shares during the quarter. Legacy Wealth Managment LLC ID owned about 0.25% of CION Investment worth $755,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. LSV Asset Management grew its holdings in shares of CION Investment by 88.8% during the fourth quarter. LSV Asset Management now owns 352,236 shares of the company’s stock worth $3,406,000 after buying an additional 165,636 shares in the last quarter. True Freedom Investing LLC acquired a new position in shares of CION Investment in the second quarter valued at approximately $979,000. Van ECK Associates Corp lifted its stake in shares of CION Investment by 27.7% during the second quarter. Van ECK Associates Corp now owns 1,236,397 shares of the company’s stock valued at $7,703,000 after buying an additional 268,242 shares during the period. Closed End Fund Advisors Inc. purchased a new position in shares of CION Investment during the fourth quarter valued at approximately $4,602,000. Finally, Private Advisor Group LLC boosted its position in CION Investment by 16.2% during the first quarter. Private Advisor Group LLC now owns 860,616 shares of the company’s stock worth $5,887,000 after acquiring an additional 119,783 shares during the last quarter. Hedge funds and other institutional investors own 32.01% of the company’s stock.

CION Investment Stock Performance

CION opened at $7.39 on Friday. CION Investment Corporation has a 1 year low of $5.83 and a 1 year high of $10.40. The company’s 50 day simple moving average is $6.72 and its 200 day simple moving average is $7.03. The stock has a market capitalization of $363.59 million, a PE ratio of 123.17 and a beta of 1.14.

CION Investment (NYSE:CION) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.26 by $0.03. The firm had revenue of $49.79 million during the quarter, compared to analyst estimates of $49.78 million. CION Investment had a net margin of 1.17% and a return on equity of 11.95%. As a group, sell-side analysts expect that CION Investment Corporation will post 1.08 earnings per share for the current fiscal year.

CION Investment Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, December 28th. Investors of record on Friday, December 11th will be given a $0.10 dividend. This represents a c) annualized dividend and a dividend yield of 16.2%. The ex-dividend date of this dividend is Friday, December 11th. CION Investment’s dividend payout ratio (DPR) is 2,000.00%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CION. Zacks Research downgraded CION Investment from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 29th. Wells Fargo & Company decreased their price objective on CION Investment from $7.00 to $6.50 and set an “underweight” rating on the stock in a report on Monday, May 11th. Finally, Weiss Ratings raised CION Investment from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $6.50.

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.