Envestnet Asset Management Inc. Raises Position in CION Investment Corporation (NYSE:CION)

Envestnet Asset Management Inc. grew its holdings in shares of CION Investment Corporation (NYSE:CION - Free Report) by 91.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 100,541 shares of the company's stock after purchasing an additional 47,909 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.19% of CION Investment worth $1,041,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Ameriflex Group Inc. purchased a new position in shares of CION Investment during the 4th quarter worth $55,000. Aquatic Capital Management LLC purchased a new position in shares of CION Investment in the 4th quarter worth $103,000. Golden State Wealth Management LLC raised its position in shares of CION Investment by 18.9% in the 1st 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. Coppell Advisory Solutions LLC raised its position in shares of CION Investment by 11.1% in the 4th quarter. Coppell Advisory Solutions LLC now owns 10,966 shares of the company's stock worth $123,000 after buying an additional 1,093 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of CION Investment in the 4th quarter worth $127,000. Hedge funds and other institutional investors own 32.01% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company cut their target price 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 Trading Down 0.6%

Shares of CION opened at $9.60 on Friday. The firm has a market capitalization of $505.82 million, a P/E ratio of -33.10 and a beta of 1.11. The stock's fifty day simple moving average is $9.58 and its 200 day simple moving average is $10.36. CION Investment Corporation has a twelve month low of $8.51 and a twelve month 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). CION Investment had a positive return on equity of 10.07% and a negative net margin of 6.49%. The firm had revenue of $56.07 million during the quarter, compared to analysts' expectations of $54.15 million. Sell-side analysts predict that CION Investment Corporation will post 1.78 earnings per share for the current year.

CION Investment Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 15.0%. The ex-dividend date was Monday, June 2nd. CION Investment's dividend payout ratio is currently -496.55%.

CION Investment Company Profile

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.

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