Envestnet Asset Management Inc. Boosts Holdings in CION Investment Corporation (NYSE:CION)

Key Points

• Envestnet Asset Management Inc. raised its holdings in CION Investment Corporation by 91.0% during the first quarter, now owning over 100,000 shares valued at approximately $1,041,000.
• Wells Fargo & Company downgraded CION Investment's target price from $10.00 to $9.00 and assigned an "underweight" rating in a recent research report.
• CION Investment recently declared a quarterly dividend of $0.36, representing a 15.0% yield, although the dividend payout ratio stands at -496.55%.

Envestnet Asset Management Inc. increased its position 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 disclosure with the Securities and Exchange Commission. The firm owned 100,541 shares of the company's stock after purchasing an additional 47,909 shares during the period. Envestnet Asset Management Inc. owned about 0.19% of CION Investment worth $1,041,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Ameriflex Group Inc. bought a new stake in CION Investment in the 4th quarter valued at approximately $55,000. Aquatic Capital Management LLC bought a new stake in shares of CION Investment during the 4th quarter worth approximately $103,000. Golden State Wealth Management LLC raised its holdings in shares of CION Investment by 18.9% during 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 in the last quarter. Coppell Advisory Solutions LLC grew its holdings in shares of CION Investment by 11.1% during the 4th quarter. Coppell Advisory Solutions LLC now owns 10,966 shares of the company's stock valued at $123,000 after purchasing an additional 1,093 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in CION Investment during the 4th quarter worth $127,000. 32.01% of the stock is owned by institutional investors.

CION Investment Price Performance

Shares of NYSE:CION traded up $0.04 during midday trading on Wednesday, hitting $9.85. 109,258 shares of the company's stock were exchanged, compared to its average volume of 325,262. CION Investment Corporation has a 12 month low of $8.51 and a 12 month high of $12.71. The company has a market cap of $518.73 million, a PE ratio of -33.95 and a beta of 1.11. The stock has a 50 day moving average price of $9.59 and a 200-day moving average price of $10.34.

CION Investment (NYSE:CION - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.36 EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $56.07 million during the quarter, compared to the consensus estimate of $54.15 million. On average, analysts anticipate that CION Investment Corporation will post 1.78 EPS for the current fiscal year.

CION Investment Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were issued a $0.36 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 14.6%. CION Investment's dividend payout ratio is presently -496.55%.

Analysts Set New Price Targets

Separately, Wells Fargo & Company decreased their price objective on shares of CION Investment from $10.00 to $9.00 and set an "underweight" rating for the company in a research report on Monday, April 28th.

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.