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

Legacy Wealth Managment LLC ID decreased its holdings in CION Investment Corporation (NYSE:CION) by 41.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 121,169 shares of the company’s stock after selling 86,893 shares during the period. Legacy Wealth Managment LLC ID’s holdings in CION Investment were worth $755,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quantbot Technologies LP acquired a new stake in shares of CION Investment in the second quarter worth $284,000. Invesco Ltd. boosted its position in CION Investment by 33.6% during the 2nd quarter. Invesco Ltd. now owns 1,343,185 shares of the company’s stock worth $12,854,000 after purchasing an additional 338,121 shares during the period. StoneX Group Inc. boosted its position in CION Investment by 18.0% during the 2nd quarter. StoneX Group Inc. now owns 22,031 shares of the company’s stock worth $211,000 after purchasing an additional 3,365 shares during the period. Raymond James Financial Inc. increased its holdings in CION Investment by 4.3% in the 2nd quarter. Raymond James Financial Inc. now owns 182,218 shares of the company’s stock valued at $1,744,000 after purchasing an additional 7,532 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in CION Investment by 20.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 49,018 shares of the company’s stock valued at $469,000 after purchasing an additional 8,183 shares in the last quarter. 32.01% of the stock is owned by institutional investors and hedge funds.

CION Investment Price Performance

Shares of CION stock opened at $7.39 on Friday. The company’s fifty day moving average price is $6.72 and its two-hundred day moving average price is $7.03. The firm has a market capitalization of $363.59 million, a P/E ratio of 123.17 and a beta of 1.14. CION Investment Corporation has a 12 month low of $5.83 and a 12 month high of $10.40.

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

CION Investment Announces Dividend

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

Analysts Set New Price Targets

CION has been the topic of a number of recent research reports. Zacks Research cut CION Investment from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 29th. Weiss Ratings upgraded CION Investment from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Finally, Wells Fargo & Company reduced their price target on CION Investment from $7.00 to $6.50 and set an “underweight” rating on the stock in a research report on Monday, May 11th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, CION Investment presently has a consensus rating of “Reduce” and an average price target of $6.50.

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.