LSV Asset Management Raises Holdings in CION Investment Corporation $CION

LSV Asset Management lifted its stake in CION Investment Corporation (NYSE:CION) by 88.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 352,236 shares of the company’s stock after buying an additional 165,636 shares during the quarter. LSV Asset Management owned approximately 0.68% of CION Investment worth $3,406,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CION. Quantbot Technologies LP purchased a new stake in shares of CION Investment in the second quarter worth about $284,000. Invesco Ltd. boosted its stake in shares of CION Investment by 33.6% in the second quarter. Invesco Ltd. now owns 1,343,185 shares of the company’s stock worth $12,854,000 after buying an additional 338,121 shares during the last quarter. StoneX Group Inc. boosted its stake in shares of CION Investment by 18.0% in the second quarter. StoneX Group Inc. now owns 22,031 shares of the company’s stock worth $211,000 after buying an additional 3,365 shares during the last quarter. Raymond James Financial Inc. boosted its stake in shares of CION Investment by 4.3% in the second quarter. Raymond James Financial Inc. now owns 182,218 shares of the company’s stock worth $1,744,000 after buying an additional 7,532 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of CION Investment by 20.0% in the second quarter. Ameriprise Financial Inc. now owns 49,018 shares of the company’s stock worth $469,000 after buying an additional 8,183 shares during the last quarter. Hedge funds and other institutional investors own 32.01% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on CION shares. Wells Fargo & Company lowered their target price on CION Investment from $7.00 to $6.50 and set an “underweight” rating on the stock in a research note on Monday, May 11th. Zacks Research upgraded CION Investment from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Weiss Ratings downgraded CION Investment from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, March 27th. Finally, Wall Street Zen downgraded CION Investment from a “strong-buy” rating to a “hold” rating in a research note on Saturday, March 14th. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Sell” and an average price target of $6.50.

CION Investment Trading Up 1.8%

Shares of CION stock opened at $6.67 on Wednesday. The company has a market capitalization of $332.10 million, a P/E ratio of -166.71 and a beta of 1.16. The business’s 50 day moving average is $7.07 and its two-hundred day moving average is $8.49. CION Investment Corporation has a 12-month low of $6.50 and a 12-month high of $10.93.

CION Investment (NYSE:CION) 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). The firm had revenue of $49.54 million during the quarter, compared to analysts’ expectations of $49.12 million. CION Investment had a negative net margin of 0.41% and a positive return on equity of 11.96%. On average, research analysts predict that CION Investment Corporation will post 1.05 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. Stockholders of record on Friday, September 11th will be given a $0.10 dividend. This represents a c) annualized dividend and a dividend yield of 18.0%. The ex-dividend date is Friday, September 11th. CION Investment’s dividend payout ratio (DPR) is -3,000.00%.

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.