Alpine Global Management LLC Acquires 113,632 Shares of CION Investment Co. (NYSE:CION)

Alpine Global Management LLC raised its stake in shares of CION Investment Co. (NYSE:CION - Free Report) by 42.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 383,632 shares of the company's stock after buying an additional 113,632 shares during the period. CION Investment comprises approximately 0.9% of Alpine Global Management LLC's holdings, making the stock its 18th largest position. Alpine Global Management LLC owned approximately 0.72% of CION Investment worth $4,373,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Two Sigma Investments LP increased its stake in shares of CION Investment by 5.1% in the 4th quarter. Two Sigma Investments LP now owns 390,572 shares of the company's stock worth $4,453,000 after purchasing an additional 19,058 shares in the last quarter. Lazard Asset Management LLC increased its stake in shares of CION Investment by 36.5% in the 4th quarter. Lazard Asset Management LLC now owns 74,621 shares of the company's stock worth $850,000 after purchasing an additional 19,969 shares in the last quarter. D. E. Shaw & Co. Inc. increased its stake in shares of CION Investment by 481.9% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 75,582 shares of the company's stock worth $862,000 after purchasing an additional 62,594 shares in the last quarter. Bulldog Investors LLP increased its stake in shares of CION Investment by 62.4% in the 4th quarter. Bulldog Investors LLP now owns 1,682,352 shares of the company's stock worth $19,190,000 after purchasing an additional 646,596 shares in the last quarter. Finally, CF Capital LLC purchased a new stake in shares of CION Investment in the 4th quarter worth $4,809,000. 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 target price on shares of CION Investment from $10.00 to $9.00 and set an "underweight" rating for the company in a report on Monday, April 28th.

CION Investment Trading Up 0.5%

CION Investment stock traded up $0.05 during mid-day trading on Friday, hitting $9.59. The stock had a trading volume of 171,144 shares, compared to its average volume of 258,373. The firm has a market capitalization of $505.00 million, a P/E ratio of 6.52 and a beta of 1.18. The firm's 50 day moving average is $9.82 and its 200 day moving average is $11.01. CION Investment Co. has a one year low of $8.51 and a one year high of $12.71.

CION Investment (NYSE:CION - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.01). The firm had revenue of $56.07 million during the quarter, compared to the consensus estimate 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 forecast that CION Investment Co. will post 1.78 earnings per share for the current year.

CION Investment Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 15.02%. The ex-dividend date of this dividend is Monday, June 2nd. CION Investment's dividend payout ratio (DPR) is presently -496.55%.

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.