CION Investment (NYSE:CION) Downgraded to “Hold” Rating by Zacks Research

Zacks Research cut shares of CION Investment (NYSE:CION) from a strong-buy rating to a hold rating in a research report released on Wednesday,Zacks.com reports.

Several other research firms also recently weighed in on CION. Wells Fargo & Company dropped their target price on shares of CION Investment from $7.00 to $6.50 and set an “underweight” rating for the company in a report on Monday, May 11th. Weiss Ratings downgraded shares of CION Investment from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, July 2nd. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Sell” and a consensus target price of $6.50.

CION Investment Stock Performance

CION opened at $5.92 on Wednesday. The business’s fifty day moving average is $6.46 and its two-hundred day moving average is $7.38. The company has a market cap of $294.56 million, a price-to-earnings ratio of -147.86 and a beta of 1.10. CION Investment has a one year low of $5.83 and a one year high of $10.93.

CION Investment (NYSE:CION) last posted its earnings results on Wednesday, May 6th. 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 negative net margin of 0.41% and a positive return on equity of 11.96%. The firm had revenue of $49.54 million during the quarter, compared to analyst estimates of $49.12 million. On average, analysts predict that CION Investment will post 1.05 EPS for the current fiscal year.

CION Investment Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be issued a $0.10 dividend. This represents a c) dividend on an annualized basis and a yield of 20.3%. The ex-dividend date is Friday, September 11th. CION Investment’s dividend payout ratio is -3,000.00%.

Hedge Funds Weigh In On CION Investment

A number of institutional investors have recently modified their holdings of the company. Kestra Private Wealth Services LLC grew its stake in CION Investment by 5.0% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 23,324 shares of the company’s stock worth $221,000 after acquiring an additional 1,111 shares during the period. Ameriprise Financial Inc. increased its stake in CION Investment by 2.9% in the third quarter. Ameriprise Financial Inc. now owns 50,424 shares of the company’s stock valued at $478,000 after purchasing an additional 1,406 shares during the last quarter. Orion Porfolio Solutions LLC increased its stake in CION Investment by 8.1% in the third quarter. Orion Porfolio Solutions LLC now owns 19,269 shares of the company’s stock valued at $183,000 after purchasing an additional 1,438 shares during the last quarter. Great Valley Advisor Group Inc. lifted its position in CION Investment by 7.5% during the fourth quarter. Great Valley Advisor Group Inc. now owns 21,627 shares of the company’s stock worth $209,000 after buying an additional 1,512 shares during the period. Finally, Strategic Blueprint LLC boosted its stake in CION Investment by 3.9% in the 4th quarter. Strategic Blueprint LLC now owns 40,797 shares of the company’s stock worth $395,000 after buying an additional 1,514 shares during the last quarter. Institutional investors and hedge funds own 32.01% of the company’s stock.

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.