CION Investment (NYSE:CION) Releases Earnings Results, Beats Estimates By $0.36 EPS

CION Investment (NYSE:CION) issued its quarterly earnings data on Wednesday. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.36, FiscalAI reports. CION Investment had a negative net margin of 0.41% and a positive return on equity of 11.96%. The firm had revenue of $49.79 million for the quarter, compared to analyst estimates of $49.78 million.

CION Investment Price Performance

NYSE CION traded up $1.02 during mid-day trading on Thursday, reaching $7.25. 1,922,422 shares of the stock were exchanged, compared to its average volume of 473,729. CION Investment has a one year low of $5.83 and a one year high of $10.93. The stock has a 50 day simple moving average of $6.44 and a 200-day simple moving average of $7.27. The stock has a market cap of $361.23 million, a P/E ratio of -181.33 and a beta of 1.11.

CION Investment Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, December 28th. Stockholders of record on Friday, December 11th will be given a dividend of $0.10 per share. This represents a c) dividend on an annualized basis and a dividend yield of 16.5%. The ex-dividend date is Friday, December 11th. CION Investment’s dividend payout ratio (DPR) is -3,000.00%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CION. Quantbot Technologies LP bought a new stake in CION Investment during the second quarter worth $284,000. Invesco Ltd. increased its stake in CION Investment by 33.6% in the 2nd quarter. Invesco Ltd. now owns 1,343,185 shares of the company’s stock valued at $12,854,000 after buying an additional 338,121 shares during the last quarter. StoneX Group Inc. increased its position in shares of CION Investment by 18.0% during the second quarter. StoneX Group Inc. now owns 22,031 shares of the company’s stock valued at $211,000 after acquiring an additional 3,365 shares during the last quarter. Raymond James Financial Inc. grew its stake in CION Investment by 4.3% in the 2nd quarter. Raymond James Financial Inc. now owns 182,218 shares of the company’s stock valued at $1,744,000 after purchasing an additional 7,532 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in CION Investment by 20.0% during 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. 32.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Zacks Research downgraded shares of CION Investment from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 29th. Wells Fargo & Company reduced their price objective on CION Investment from $7.00 to $6.50 and set an “underweight” rating for the company in a research report on Monday, May 11th. Finally, Weiss Ratings cut 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. According to data from MarketBeat.com, the stock has a consensus rating of “Sell” and an average target price of $6.50.

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.