True Freedom Investing LLC Makes New Investment in CION Investment Corporation $CION

Key Points

• True Freedom Investing LLC acquired 143,122 CION shares worth approximately $979,000, representing about 0.29% of the company. Institutional investors collectively own 32.01% of CION.
• CION reported quarterly EPS of $0.29, exceeding the $0.26 consensus estimate, while revenue of $49.79 million was essentially in line with expectations.
• The company declared a monthly dividend of $0.10 per share, implying a reported 16.4% yield. Analysts remain cautious, with a consensus “Reduce” rating and an average price target of $6.50 versus the stock’s $7.33 opening price.

True Freedom Investing LLC purchased a new stake in shares of CION Investment Corporation (NYSE:CION - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 143,122 shares of the company's stock, valued at approximately $979,000. True Freedom Investing LLC owned about 0.29% of CION Investment as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Closed End Fund Advisors Inc. purchased a new position in shares of CION Investment in the 4th quarter worth approximately $4,602,000. Invesco Ltd. boosted its stake in CION Investment by 33.6% in the second quarter. Invesco Ltd. now owns 1,343,185 shares of the company's stock valued at $12,854,000 after acquiring an additional 338,121 shares in the last quarter. Jane Street Group LLC grew its holdings in CION Investment by 406.9% in the fourth quarter. Jane Street Group LLC now owns 317,818 shares of the company's stock worth $3,073,000 after purchasing an additional 255,115 shares during the last quarter. BlackRock Inc. purchased a new position in CION Investment in the second quarter worth $1,218,000. Finally, Sherman Porfolios LLC acquired a new position in shares of CION Investment during the fourth quarter worth $1,874,000. 32.01% of the stock is currently owned by institutional investors.

CION Investment Trading Up 0.4%

NYSE CION opened at $7.33 on Friday. CION Investment Corporation has a 12-month low of $5.83 and a 12-month high of $10.93. The company has a fifty day simple moving average of $6.56 and a two-hundred day simple moving average of $7.14. The stock has a market cap of $360.64 million, a P/E ratio of 122.17 and a beta of 1.11.

CION Investment (NYSE:CION - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.03. The firm had revenue of $49.79 million for the quarter, compared to the consensus estimate of $49.78 million. CION Investment had a return on equity of 11.95% and a net margin of 1.17%. As a group, sell-side analysts forecast that CION Investment Corporation will post 1.08 earnings per share for the current year.

CION Investment Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, December 28th. Shareholders of record on Friday, December 11th will be paid a dividend of $0.10 per share. This represents a c) annualized dividend and a yield of 16.4%. The ex-dividend date is Friday, December 11th. CION Investment's payout ratio is presently 2,000.00%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CION shares. Zacks Research lowered CION Investment from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. Weiss Ratings upgraded CION Investment from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, August 11th. Finally, Wells Fargo & Company reduced their target price on CION Investment from $7.00 to $6.50 and set an "underweight" rating on the stock in a research report on Monday, May 11th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average price target of $6.50.

About CION Investment

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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