97,281 Shares in CION Investment Corporation (NYSE:CION) Purchased by Financial Gravity Asset Management Inc.

Financial Gravity Asset Management Inc. purchased a new stake in shares of CION Investment Corporation (NYSE:CION - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 97,281 shares of the company's stock, valued at approximately $1,007,000. Financial Gravity Asset Management Inc. owned about 0.18% of CION Investment at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Invesco Ltd. acquired a new stake in shares of CION Investment in the fourth quarter worth about $11,882,000. Wells Fargo & Company MN raised its stake in shares of CION Investment by 6,958.9% in the 4th quarter. Wells Fargo & Company MN now owns 722,201 shares of the company's stock valued at $8,233,000 after acquiring an additional 711,970 shares in the last quarter. Bulldog Investors LLP lifted its holdings in 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 during the last quarter. Wealthfront Advisers LLC bought a new stake in CION Investment during the fourth quarter worth approximately $6,899,000. Finally, CF Capital LLC acquired a new position in CION Investment during the fourth quarter valued at approximately $4,809,000. Institutional investors own 32.01% of the company's stock.

CION Investment Stock Performance

Shares of NYSE:CION traded up $0.05 during midday trading on Friday, hitting $9.84. The company's stock had a trading volume of 193,700 shares, compared to its average volume of 276,392. The stock's 50 day simple moving average is $9.50 and its 200 day simple moving average is $10.49. The stock has a market capitalization of $518.18 million, a price-to-earnings ratio of -33.91 and a beta of 1.11. CION Investment Corporation has a fifty-two week low of $8.51 and a fifty-two week high of $12.71.

CION Investment (NYSE:CION - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.37 by ($0.01). CION Investment had a negative net margin of 6.49% and a positive return on equity of 10.07%. The business had revenue of $56.07 million during the quarter, compared to analyst estimates of $54.15 million. As a group, analysts anticipate that CION Investment Corporation will post 1.78 EPS for the current year.

CION Investment Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 14.64%. The ex-dividend date of this dividend was Monday, June 2nd. CION Investment's dividend payout ratio (DPR) is currently -496.55%.

Wall Street Analysts Forecast Growth

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 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.