Hennion & Walsh Asset Management Inc. Purchases 50,963 Shares of CION Investment Co. (NYSE:CION)

Hennion & Walsh Asset Management Inc. raised its stake in CION Investment Co. (NYSE:CION - Free Report) by 10.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 555,374 shares of the company's stock after buying an additional 50,963 shares during the period. Hennion & Walsh Asset Management Inc. owned 1.05% of CION Investment worth $5,748,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Bulldog Investors LLP increased its position in CION Investment by 62.4% during the 4th quarter. Bulldog Investors LLP now owns 1,682,352 shares of the company's stock valued at $19,190,000 after purchasing an additional 646,596 shares during the period. Van ECK Associates Corp increased its position in shares of CION Investment by 1.7% during the fourth quarter. Van ECK Associates Corp now owns 1,329,799 shares of the company's stock worth $15,160,000 after buying an additional 21,825 shares during the period. Invesco Ltd. bought a new stake in CION Investment during the fourth quarter valued at $11,882,000. Wells Fargo & Company MN increased its holdings in CION Investment by 6,958.9% in the fourth quarter. Wells Fargo & Company MN now owns 722,201 shares of the company's stock worth $8,233,000 after purchasing an additional 711,970 shares in the last quarter. Finally, Private Advisor Group LLC lifted its stake in CION Investment by 2.5% in the fourth quarter. Private Advisor Group LLC now owns 667,922 shares of the company's stock valued at $7,614,000 after buying an additional 16,417 shares during the period. Institutional investors and hedge funds own 32.01% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company reduced 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 Price Performance

Shares of CION stock traded down $0.03 on Thursday, reaching $8.99. 376,285 shares of the company were exchanged, compared to its average volume of 259,567. CION Investment Co. has a one year low of $8.51 and a one year high of $12.71. The company has a market cap of $473.39 million, a price-to-earnings ratio of 6.11 and a beta of 1.12. The company has a 50-day moving average of $9.60 and a 200-day moving average of $10.91.

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 analysts' consensus estimates of $0.37 by ($0.01). CION Investment had a return on equity of 11.49% and a net margin of 31.21%. The firm had revenue of $56.07 million for the quarter, compared to analyst estimates of $54.15 million. As a group, sell-side analysts predict that CION Investment Co. will post 1.78 EPS for the current year.

CION Investment Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $1.44 annualized dividend and a dividend yield of 16.03%. CION Investment's dividend payout ratio is currently -496.55%.

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.