Kingswood Wealth Advisors LLC trimmed its position in CION Investment Corporation (NYSE:CION - Free Report) by 66.7% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,599 shares of the company's stock after selling 29,198 shares during the period. Kingswood Wealth Advisors LLC's holdings in CION Investment were worth $140,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of CION. North Ground Capital grew its stake in CION Investment by 37.8% in the first quarter. North Ground Capital now owns 581,100 shares of the company's stock worth $5,840,000 after purchasing an additional 159,299 shares in the last quarter. Berger Financial Group Inc boosted its stake in CION Investment by 27.6% in the second quarter. Berger Financial Group Inc now owns 487,404 shares of the company's stock valued at $4,664,000 after acquiring an additional 105,478 shares during the period. Financial Gravity Asset Management Inc. acquired a new position in CION Investment in the first quarter valued at approximately $1,007,000. Private Advisor Group LLC boosted its stake in CION Investment by 10.7% in the first quarter. Private Advisor Group LLC now owns 739,356 shares of the company's stock valued at $7,652,000 after acquiring an additional 71,434 shares during the period. Finally, Magnetar Financial LLC acquired a new position in CION Investment in the first quarter valued at approximately $518,000. 32.01% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of brokerages have commented on CION. Zacks Research upgraded CION Investment from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 21st. Wall Street Zen upgraded CION Investment from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Wells Fargo & Company restated an "underweight" rating and issued a $8.50 target price (down from $9.00) on shares of CION Investment in a research note on Tuesday, August 12th. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of CION Investment in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $8.50.
Check Out Our Latest Research Report on CION
CION Investment Trading Down 1.1%
Shares of NYSE CION opened at $9.13 on Monday. The stock has a 50 day simple moving average of $10.09 and a 200-day simple moving average of $9.78. The company has a market cap of $475.58 million, a PE ratio of -48.05 and a beta of 1.08. CION Investment Corporation has a 12-month low of $8.51 and a 12-month high of $12.71.
CION Investment (NYSE:CION - Get Free Report) last issued its quarterly earnings data 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). The business had revenue of $52.24 million for the quarter, compared to analyst estimates of $53.34 million. CION Investment had a positive return on equity of 9.63% and a negative net margin of 4.57%. Sell-side analysts forecast that CION Investment Corporation will post 1.78 earnings per share for the current fiscal year.
CION Investment Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $1.44 annualized dividend and a yield of 15.8%. CION Investment's payout ratio is presently -757.89%.
CION Investment Company Profile
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Free Report)
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.
Further Reading
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