CION Investment (NYSE:CION) Hits New 1-Year Low – Here’s What Happened

Shares of CION Investment Co. (NYSE:CION) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $9.52 and last traded at $9.69, with a volume of 212578 shares trading hands. The stock had previously closed at $10.20.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company reaffirmed an “underweight” rating and issued a $10.00 target price (down previously from $11.00) on shares of CION Investment in a research report on Monday, March 17th.

CION Investment Stock Performance

The company has a market capitalization of $504.55 million, a P/E ratio of 6.47 and a beta of 1.17. The stock’s fifty day moving average price is $11.58 and its 200-day moving average price is $11.61.

CION Investment (NYSE:CION) last released its quarterly earnings data on Thursday, March 13th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). CION Investment had a net margin of 31.21% and a return on equity of 11.49%. The business had revenue of $87.91 million during the quarter, compared to the consensus estimate of $54.11 million. On average, research analysts predict that CION Investment Co. will post 1.78 EPS for the current fiscal year.

CION Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be given a dividend of $0.36 per share. The ex-dividend date is Friday, March 28th. This represents a $1.44 dividend on an annualized basis and a yield of 15.13%. CION Investment’s dividend payout ratio (DPR) is 228.57%.

Hedge Funds Weigh In On CION Investment

Several institutional investors and hedge funds have recently modified their holdings of CION. Invesco Ltd. acquired a new position in CION Investment in the 4th quarter valued at about $11,882,000. Wells Fargo & Company MN grew its position in shares of CION Investment by 6,958.9% in the fourth quarter. Wells Fargo & Company MN now owns 722,201 shares of the company’s stock valued at $8,233,000 after purchasing an additional 711,970 shares during the last quarter. Bulldog Investors LLP increased its stake in shares of CION Investment by 62.4% during the fourth quarter. Bulldog Investors LLP now owns 1,682,352 shares of the company’s stock worth $19,190,000 after purchasing an additional 646,596 shares during the period. Wealthfront Advisers LLC acquired a new stake in CION Investment during the 4th quarter worth approximately $6,899,000. Finally, CF Capital LLC bought a new stake in CION Investment in the 4th quarter valued at $4,809,000. 32.01% of the stock is currently owned by institutional investors and hedge funds.

CION Investment Company Profile

CION Investment Corporation is a business development company. It specializes in investments in senior secured loans, including unitranche loans, First Lien, second lien loans, long-term subordinated loans, and mezzanine loans; equity interests such as warrants or options; and corporate bonds; and other debt securities in middle-market companies.