Hennion & Walsh Asset Management Inc. Cuts Position in CION Investment Corporation $CION

Hennion & Walsh Asset Management Inc. reduced its stake in shares of CION Investment Corporation (NYSE:CION) by 19.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 414,620 shares of the company’s stock after selling 101,156 shares during the quarter. Hennion & Walsh Asset Management Inc. owned 0.80% of CION Investment worth $4,009,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in CION. First Heartland Consultants Inc. purchased a new position in shares of CION Investment during the 4th quarter worth approximately $114,000. JPMorgan Chase & Co. raised its position in shares of CION Investment by 103.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,530 shares of the company’s stock worth $270,000 after purchasing an additional 14,515 shares during the last quarter. Kestra Private Wealth Services LLC lifted 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 valued at $221,000 after buying an additional 1,111 shares in the last quarter. Bank of America Corp DE grew its holdings in CION Investment by 1,084.0% during the 3rd quarter. Bank of America Corp DE now owns 88,299 shares of the company’s stock valued at $837,000 after buying an additional 80,841 shares during the last quarter. Finally, Aquatic Capital Management LLC grew its holdings in CION Investment by 165.0% during the 3rd quarter. Aquatic Capital Management LLC now owns 10,354 shares of the company’s stock valued at $98,000 after buying an additional 6,447 shares during the last quarter. 32.01% of the stock is owned by hedge funds and other institutional investors.

CION Investment Stock Performance

Shares of NYSE:CION opened at $6.81 on Tuesday. The stock has a 50-day simple moving average of $8.18 and a 200-day simple moving average of $9.14. The stock has a market capitalization of $343.65 million, a P/E ratio of -17.45 and a beta of 1.09. CION Investment Corporation has a 1 year low of $6.50 and a 1 year high of $10.93.

CION Investment (NYSE:CION) last announced its quarterly earnings results on Thursday, March 12th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.04). The company had revenue of $53.79 million during the quarter, compared to analyst estimates of $51.77 million. CION Investment had a negative net margin of 8.57% and a positive return on equity of 12.42%. Analysts predict that CION Investment Corporation will post 1.78 earnings per share for the current year.

CION Investment Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 12th will be paid a dividend of $0.10 per share. This represents a c) dividend on an annualized basis and a yield of 17.6%. The ex-dividend date is Friday, June 12th. CION Investment’s dividend payout ratio is -307.69%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Zacks Research cut CION Investment from a “hold” rating to a “strong sell” rating in a research report on Monday, March 16th. Wall Street Zen cut shares of CION Investment from a “strong-buy” rating to a “hold” rating in a research note on Saturday, March 14th. Wells Fargo & Company lowered their price target on shares of CION Investment from $8.50 to $7.00 and set an “underweight” rating for the company in a report on Friday, March 13th. Finally, Weiss Ratings lowered shares of CION Investment from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday. Three investment analysts have rated the stock with a Sell rating, According to data from MarketBeat, the company currently has an average rating of “Strong Sell” and an average price target of $7.00.

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.