CION Investment Co. (NYSE:CION) is Bulldog Investors LLP's 2nd Largest Position

Bulldog Investors LLP lifted its position in CION Investment Co. (NYSE:CION - Free Report) by 62.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,682,352 shares of the company's stock after purchasing an additional 646,596 shares during the quarter. CION Investment comprises about 5.1% of Bulldog Investors LLP's investment portfolio, making the stock its 2nd biggest position. Bulldog Investors LLP owned about 3.16% of CION Investment worth $19,190,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Golden State Wealth Management LLC purchased a new stake in CION Investment during the 4th quarter valued at $96,000. Aquatic Capital Management LLC purchased a new position in shares of CION Investment during the 4th quarter worth about $103,000. Coppell Advisory Solutions LLC lifted its stake in CION Investment by 11.1% in the fourth quarter. Coppell Advisory Solutions LLC now owns 10,966 shares of the company's stock worth $123,000 after purchasing an additional 1,093 shares during the last quarter. GWN Securities Inc. purchased a new position in shares of CION Investment during the fourth quarter valued at approximately $124,000. Finally, Virtu Financial LLC bought a new position in shares of CION Investment during the third quarter valued at approximately $127,000. 32.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company dropped their price target on CION Investment from $10.00 to $9.00 and set an "underweight" rating on the stock in a research report on Monday, April 28th.

CION Investment Price Performance

CION Investment stock traded up $0.06 during mid-day trading on Friday, reaching $9.43. 335,118 shares of the company traded hands, compared to its average volume of 258,313. CION Investment Co. has a fifty-two week low of $8.51 and a fifty-two week high of $12.71. The firm's fifty day moving average is $10.24 and its two-hundred day moving average is $11.16. The company has a market capitalization of $500.04 million, a price-to-earnings ratio of 6.41 and a beta of 1.18.

CION Investment (NYSE:CION - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.36 EPS for the quarter, missing analysts' consensus estimates of $0.37 by ($0.01). The firm had revenue of $56.07 million for the quarter, compared to analyst estimates of $54.15 million. CION Investment had a return on equity of 11.49% and a net margin of 31.21%. As a group, equities research analysts predict that CION Investment Co. will post 1.78 earnings per share for the current year.

CION Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 15.27%. The ex-dividend date is Monday, June 2nd. CION Investment's dividend payout ratio is presently 228.57%.

About CION Investment

CION Investment Corporation is a business development company. It specializes in investments in senior secured loans, including unitranche loans, First Lien, second lien loans, long-term subordinated loans, and mezzanine loans; equity interests such as warrants or options; and corporate bonds; and other debt securities in middle-market companies.