CION Investment (NYSE:CION) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of CION Investment (NYSE:CION) from a strong sell rating to a hold rating in a report released on Tuesday morning,Zacks.com reports.

CION has been the subject of several other reports. Wall Street Zen lowered CION Investment from a “strong-buy” rating to a “hold” rating in a report on Saturday, March 14th. Weiss Ratings lowered CION Investment from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, March 27th. Finally, Wells Fargo & Company reduced their price target on CION Investment from $7.00 to $6.50 and set an “underweight” rating for the company in a report on Monday. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, CION Investment has an average rating of “Sell” and a consensus target price of $6.50.

CION Investment Trading Up 0.1%

Shares of NYSE CION opened at $6.80 on Tuesday. CION Investment has a one year low of $6.50 and a one year high of $10.93. The firm has a market capitalization of $338.32 million, a PE ratio of -169.83 and a beta of 1.16. The business has a 50-day moving average price of $7.25 and a two-hundred day moving average price of $8.66.

CION Investment (NYSE:CION) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.02). CION Investment had a positive return on equity of 11.96% and a negative net margin of 0.41%.The business had revenue of $49.54 million for the quarter, compared to analyst estimates of $49.12 million. Research analysts anticipate that CION Investment will post 1.03 EPS for the current year.

CION Investment Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 11th will be issued a dividend of $0.10 per share. This represents a c) annualized dividend and a dividend yield of 17.7%. The ex-dividend date is Friday, September 11th. CION Investment’s payout ratio is currently -3,000.00%.

Institutional Investors Weigh In On CION Investment

Several institutional investors and hedge funds have recently added to or reduced their stakes in CION. Quantbot Technologies LP acquired a new stake in CION Investment in the 2nd quarter worth approximately $284,000. Invesco Ltd. lifted its holdings in CION Investment by 33.6% in the 2nd quarter. Invesco Ltd. now owns 1,343,185 shares of the company’s stock worth $12,854,000 after purchasing an additional 338,121 shares during the last quarter. StoneX Group Inc. lifted its holdings in CION Investment by 18.0% in the 2nd quarter. StoneX Group Inc. now owns 22,031 shares of the company’s stock worth $211,000 after purchasing an additional 3,365 shares during the last quarter. Raymond James Financial Inc. lifted its holdings in CION Investment by 4.3% in the 2nd quarter. Raymond James Financial Inc. now owns 182,218 shares of the company’s stock worth $1,744,000 after purchasing an additional 7,532 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in CION Investment by 20.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 49,018 shares of the company’s stock worth $469,000 after purchasing an additional 8,183 shares during the last quarter. 32.01% of the stock is currently owned by institutional investors and hedge funds.

CION Investment Company 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.