Closed End Fund Advisors Inc. Purchases Shares of 475,908 CION Investment Corporation $CION

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

A number of other large investors also recently bought and sold shares of CION. Invesco Ltd. lifted its holdings in CION Investment by 33.6% in the second quarter. Invesco Ltd. now owns 1,343,185 shares of the company’s stock valued at $12,854,000 after acquiring an additional 338,121 shares during the period. LSV Asset Management lifted its holdings in CION Investment by 88.8% in the fourth quarter. LSV Asset Management now owns 352,236 shares of the company’s stock valued at $3,406,000 after acquiring an additional 165,636 shares during the period. Bank of America Corp DE increased its position in shares of CION Investment by 1,084.0% in the third quarter. Bank of America Corp DE now owns 88,299 shares of the company’s stock valued at $837,000 after buying an additional 80,841 shares in the last quarter. Brevan Howard Capital Management LP purchased a new stake in shares of CION Investment in the second quarter valued at approximately $768,000. Finally, Van ECK Associates Corp increased its position in shares of CION Investment by 4.2% in the third quarter. Van ECK Associates Corp now owns 1,359,023 shares of the company’s stock valued at $12,883,000 after buying an additional 54,317 shares in the last quarter. 32.01% of the stock is owned by institutional investors and hedge funds.

CION Investment Price Performance

CION Investment stock opened at $6.72 on Friday. CION Investment Corporation has a 12 month low of $6.50 and a 12 month high of $10.93. The stock has a market capitalization of $334.34 million, a PE ratio of -167.83 and a beta of 1.10. The business has a 50 day simple moving average of $7.06 and a 200-day simple moving average of $8.33.

CION Investment (NYSE:CION) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.25 EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $49.12 million. On average, equities research analysts anticipate that CION Investment Corporation will post 1.05 EPS for the current fiscal year.

CION Investment Announces Dividend

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

Analyst Ratings Changes

CION has been the subject of a number of recent analyst reports. Weiss Ratings upgraded CION Investment from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday. Wall Street Zen cut CION Investment from a “strong-buy” rating to a “hold” rating in a research report on Saturday, March 14th. Zacks Research upgraded CION Investment from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Finally, Wells Fargo & Company cut their price objective on CION Investment from $7.00 to $6.50 and set an “underweight” rating for the company in a research report on Monday, May 11th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $6.50.

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.