Legacy Wealth Managment LLC ID Sells 145,734 Shares of CION Investment Corporation $CION

Key Points

• Legacy Wealth Management cut its CION Investment stake by 40.4% in the fourth quarter, selling 145,734 shares and leaving it with 215,209 shares valued at about $2.08 million.
• CION reported Q1 earnings of $0.25 per share, missing analyst estimates of $0.27, though revenue of $49.54 million came in slightly above expectations.
• The company declared a monthly dividend of $0.10 per share, implying an annualized yield of about 16.5%, even as analysts maintain a Strong Sell consensus rating with a $7.00 price target.

Legacy Wealth Managment LLC ID cut its stake in shares of CION Investment Corporation (NYSE:CION - Free Report) by 40.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 215,209 shares of the company's stock after selling 145,734 shares during the quarter. CION Investment accounts for about 1.0% of Legacy Wealth Managment LLC ID's holdings, making the stock its 20th biggest holding. Legacy Wealth Managment LLC ID owned approximately 0.41% of CION Investment worth $2,081,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently added to or reduced their stakes in CION. Kestra Private Wealth Services LLC boosted its holdings in CION Investment by 5.0% in the third quarter. Kestra Private Wealth Services LLC now owns 23,324 shares of the company's stock valued at $221,000 after acquiring an additional 1,111 shares in the last quarter. Golden State Wealth Management LLC increased its position in shares of CION Investment by 7.2% during the 3rd quarter. Golden State Wealth Management LLC now owns 20,219 shares of the company's stock valued at $192,000 after purchasing an additional 1,363 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of CION Investment by 2.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 50,424 shares of the company's stock valued at $478,000 after acquiring an additional 1,406 shares during the period. Orion Porfolio Solutions LLC boosted its stake in CION Investment by 8.1% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 19,269 shares of the company's stock worth $183,000 after purchasing an additional 1,438 shares during the period. Finally, Strategic Blueprint LLC grew its holdings in CION Investment by 3.9% during the 4th quarter. Strategic Blueprint LLC now owns 40,797 shares of the company's stock valued at $395,000 after buying an additional 1,514 shares in the last quarter. Hedge funds and other institutional investors own 32.01% of the company's stock.

CION Investment Stock Performance

Shares of CION Investment stock opened at $7.27 on Friday. The company has a market capitalization of $361.72 million, a PE ratio of -181.58 and a beta of 1.16. The company has a 50-day simple moving average of $7.35 and a two-hundred day simple moving average of $8.73. CION Investment Corporation has a one year low of $6.50 and a one year high of $10.93.

CION Investment (NYSE:CION - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.02). CION Investment had a positive return on equity of 11.61% and a negative net margin of 0.41%.The company had revenue of $49.54 million for the quarter, compared to analysts' expectations of $49.12 million. On average, equities analysts predict that CION Investment Corporation will post 1.03 earnings per share for the current fiscal year.

CION Investment Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be given a $0.10 dividend. The ex-dividend date is Friday, September 11th. This represents a c) dividend on an annualized basis and a yield of 16.5%. CION Investment's dividend payout ratio is currently -3,000.00%.

Wall Street Analyst Weigh In

CION has been the subject of a number of research reports. Zacks Research downgraded CION Investment from a "hold" rating to a "strong sell" rating in a research report on Monday, March 16th. Wells Fargo & Company lowered their price target on CION Investment from $8.50 to $7.00 and set an "underweight" rating for the company in a research report on Friday, March 13th. Weiss Ratings downgraded CION Investment from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, March 27th. Finally, Wall Street Zen downgraded CION Investment from a "strong-buy" rating to a "hold" rating in a report on Saturday, March 14th. Three analysts have rated the stock with a Sell rating, According to MarketBeat.com, CION Investment currently has a consensus rating of "Strong Sell" and a consensus price target of $7.00.

More CION Investment News

Here are the key news stories impacting CION Investment this week:

• Positive Sentiment: CION continues to support income-focused investors with a monthly dividend of $0.10 per share, implying an annualized yield of about 16.2%.
• Positive Sentiment: Revenue came in slightly ahead of expectations, showing the top line held up better than earnings. CION earnings report and transcript
• Neutral Sentiment: Management discussed a plan to bring leverage down toward 1.30-1.35 over the next couple of quarters, which may improve balance-sheet flexibility but does not provide an immediate earnings catalyst. CION leverage plan article
• Negative Sentiment: Q1 earnings of $0.25 per share missed the $0.27 consensus estimate, compared with $0.36 a year earlier, signaling weaker profitability. CION earnings miss article
• Negative Sentiment: Lower investment income and a decline in net asset value weighed on sentiment, contributing to the stock's decline. CION stock dips on Q1 earnings miss article

CION Investment Profile

CION Investment Corporation is a closed‐end, non‐diversified management investment company organized as a business development company under the Investment Company Act of 1940. Externally managed by CION Investment Management, LLC, the firm specializes in providing flexible capital solutions to U.S. and Canadian middle‐market companies. By combining debt and equity financing, CION seeks to support growth, acquisitions, recapitalizations and other strategic initiatives for its portfolio companies.

The company’s investment strategy centers on senior secured loans, subordinated debt and private equity interests.

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