BI Asset Management Fondsmaeglerselskab A S Increases Stock Holdings in CION Investment Corporation $CION

Key Points

• BI Asset Management Fondsmaeglerselskab A S increased its stake in CION Investment Corporation by acquiring an additional 49,659 shares, raising its total ownership to 184,026 shares worth approximately $1.9 million.
• CION Investment's latest quarterly earnings report showed a loss of $0.02 per share compared to analysts' expectations, along with a dividend announcement set for September 16th, offering a yield of 13.6%.
• Despite some institutional interest, Wall Street analysts have mixed ratings on CION Investment, with an average target price of $10.75 and a general outlook of "Reduce" for the stock.

BI Asset Management Fondsmaeglerselskab A S raised its position in CION Investment Corporation (NYSE:CION - Free Report) by 37.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 184,026 shares of the company's stock after acquiring an additional 49,659 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S owned approximately 0.35% of CION Investment worth $1,905,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Strategic Blueprint LLC lifted its holdings in CION Investment by 141.4% in the first quarter. Strategic Blueprint LLC now owns 51,604 shares of the company's stock valued at $534,000 after acquiring an additional 30,227 shares during the period. Golden State Wealth Management LLC raised its stake in shares of CION Investment by 18.9% in the first quarter. Golden State Wealth Management LLC now owns 10,031 shares of the company's stock worth $104,000 after buying an additional 1,597 shares during the period. Kingswood Wealth Advisors LLC raised its stake in shares of CION Investment by 50.0% in the first quarter. Kingswood Wealth Advisors LLC now owns 43,797 shares of the company's stock worth $459,000 after buying an additional 14,599 shares during the period. Financial Gravity Asset Management Inc. bought a new position in shares of CION Investment in the first quarter worth about $1,007,000. Finally, D. E. Shaw & Co. Inc. raised its stake in shares of CION Investment by 481.9% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 75,582 shares of the company's stock worth $862,000 after buying an additional 62,594 shares during the period. Institutional investors own 32.01% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on CION. Wells Fargo & Company reaffirmed an "underweight" rating and issued a $8.50 price objective (down previously from $9.00) on shares of CION Investment in a research note on Tuesday, August 12th. Zacks Research raised CION Investment from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 21st. Finally, Wall Street Zen raised CION Investment from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $10.75.

CION Investment Trading Down 0.5%

CION traded down $0.05 on Wednesday, hitting $10.81. 148,074 shares of the company's stock traded hands, compared to its average volume of 319,775. The company's 50 day simple moving average is $9.99 and its 200-day simple moving average is $10.24. The firm has a market cap of $563.09 million, a price-to-earnings ratio of -56.92 and a beta of 1.11. CION Investment Corporation has a one year low of $8.51 and a one year high of $12.71.

CION Investment (NYSE:CION - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.02). The firm had revenue of $52.24 million for the quarter, compared to analysts' expectations of $53.34 million. CION Investment had a negative net margin of 4.57% and a positive return on equity of 9.63%. As a group, equities analysts anticipate that CION Investment Corporation will post 1.78 EPS for the current fiscal year.

CION Investment Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 13.3%. The ex-dividend date is Tuesday, September 2nd. CION Investment's dividend payout ratio (DPR) is currently -757.89%.

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.