CION Investment (NYSE:CION) Announces Earnings Results, Beats Expectations By $0.39 EPS

CION Investment (NYSE:CION) posted its quarterly earnings data on Thursday. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.35 by $0.39, Zacks reports. CION Investment had a negative net margin of 4.57% and a positive return on equity of 9.63%. The company had revenue of $78.71 million during the quarter, compared to analyst estimates of $52.41 million.

CION Investment Price Performance

NYSE CION traded down $0.15 during trading on Friday, hitting $9.61. The company’s stock had a trading volume of 315,095 shares, compared to its average volume of 315,237. CION Investment has a fifty-two week low of $8.51 and a fifty-two week high of $12.71. The company has a market cap of $500.56 million, a PE ratio of -50.58 and a beta of 1.08. The business’s 50 day simple moving average is $9.62 and its 200-day simple moving average is $9.76.

CION Investment Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 15.0%. The ex-dividend date is Monday, December 1st. CION Investment’s payout ratio is -757.89%.

Hedge Funds Weigh In On CION Investment

Hedge funds and other institutional investors have recently bought and sold shares of the business. Geneos Wealth Management Inc. boosted its holdings in CION Investment by 21.7% during the second quarter. Geneos Wealth Management Inc. now owns 8,802 shares of the company’s stock worth $84,000 after buying an additional 1,571 shares in the last quarter. Great Valley Advisor Group Inc. purchased a new position in shares of CION Investment in the second quarter valued at approximately $121,000. Merit Financial Group LLC boosted its stake in CION Investment by 15.1% during the 3rd quarter. Merit Financial Group LLC now owns 21,754 shares of the company’s stock worth $206,000 after purchasing an additional 2,861 shares during the last quarter. StoneX Group Inc. boosted its position in CION Investment by 18.0% during the second quarter. StoneX Group Inc. now owns 22,031 shares of the company’s stock worth $211,000 after acquiring an additional 3,365 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings 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. Institutional investors and hedge funds own 32.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CION. Wall Street Zen raised CION Investment from a “hold” rating to a “buy” rating in a research note on Saturday. Zacks Research cut CION Investment from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Weiss Ratings reiterated a “hold (c-)” rating on shares of CION Investment in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company reiterated an “underweight” rating and set a $8.50 target price (down from $9.00) on shares of CION Investment in a research report on Tuesday, August 12th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, CION Investment presently has an average rating of “Reduce” and an average target price of $8.50.

About CION Investment

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.