Alpine Global Management LLC Sells 294,796 Shares of CION Investment Corporation $CION

Key Points

• Alpine Global Management LLC has reduced its holdings in CION Investment Corporation by 76.8%, now owning approximately 88,836 shares valued at $919,000.
• CION Investment Corporation's earnings report revealed a miss in EPS estimates, reporting $0.32 compared to the consensus expectation of $0.34, along with revenue falling short at $52.24 million.
• A quarterly dividend of $0.36 per share has been announced, representing a dividend yield of 13.3%, set to be paid on September 16th.

Alpine Global Management LLC trimmed its position in shares of CION Investment Corporation (NYSE:CION - Free Report) by 76.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 88,836 shares of the company's stock after selling 294,796 shares during the quarter. Alpine Global Management LLC owned approximately 0.17% of CION Investment worth $919,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in CION. Aquatic Capital Management LLC bought a new position in shares of CION Investment during the fourth quarter worth $103,000. Jane Street Group LLC lifted its position in CION Investment by 57.5% during the 4th quarter. Jane Street Group LLC now owns 21,305 shares of the company's stock worth $243,000 after buying an additional 7,778 shares in the last quarter. CF Capital LLC bought a new stake in CION Investment during the fourth quarter worth about $4,809,000. Bulldog Investors LLP raised its holdings in CION Investment by 62.4% during the fourth quarter. Bulldog Investors LLP now owns 1,682,352 shares of the company's stock worth $19,190,000 after acquiring an additional 646,596 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. raised its holdings in CION Investment by 481.9% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 75,582 shares of the company's stock worth $862,000 after acquiring an additional 62,594 shares in the last quarter. Institutional investors own 32.01% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CION shares. Zacks Research raised shares of CION Investment from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 21st. Wells Fargo & Company reiterated an "underweight" rating and set a $8.50 target price (down previously from $9.00) on shares of CION Investment in a research note on Tuesday, August 12th. Finally, Wall Street Zen raised shares of CION Investment from a "sell" rating to a "hold" rating in a report 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 given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $10.75.

CION Investment Trading Down 0.9%

Shares of CION traded down $0.10 on Friday, reaching $10.22. The company's stock had a trading volume of 119,840 shares, compared to its average volume of 321,379. CION Investment Corporation has a twelve month low of $8.51 and a twelve month high of $12.71. The stock has a market capitalization of $532.10 million, a PE ratio of -53.76 and a beta of 1.12. The firm has a fifty day moving average of $10.17 and a 200-day moving average of $10.18.

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

CION Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 14.1%. The ex-dividend date of this dividend is Tuesday, September 2nd. CION Investment's dividend payout ratio is -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.