HighTower Advisors LLC Purchases 16,544 Shares of CION Investment Corporation $CION

HighTower Advisors LLC increased its position in shares of CION Investment Corporation (NYSE:CION) by 72.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 39,500 shares of the company’s stock after buying an additional 16,544 shares during the quarter. HighTower Advisors LLC owned 0.07% of CION Investment worth $409,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CION. Bulldog Investors LLP grew its holdings 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 buying an additional 646,596 shares in the last quarter. CF Capital LLC bought a new position in CION Investment in the fourth quarter valued at approximately $4,809,000. Alpine Global Management LLC grew its stake in CION Investment by 42.1% in the fourth quarter. Alpine Global Management LLC now owns 383,632 shares of the company’s stock valued at $4,373,000 after purchasing an additional 113,632 shares in the last quarter. Financial Gravity Asset Management Inc. bought a new position in CION Investment in the first quarter valued at approximately $1,007,000. Finally, Private Advisor Group LLC grew its stake in CION Investment by 10.7% in the first quarter. Private Advisor Group LLC now owns 739,356 shares of the company’s stock valued at $7,652,000 after purchasing an additional 71,434 shares in the last quarter. 32.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on CION. Wells Fargo & Company restated an “underweight” rating and issued a $8.50 price target (down from $9.00) on shares of CION Investment in a research note on Tuesday, August 12th. Zacks Research upgraded CION Investment from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 21st. Finally, Wall Street Zen upgraded CION Investment from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $10.75.

CION Investment Stock Up 1.0%

CION opened at $10.83 on Monday. CION Investment Corporation has a 12-month low of $8.51 and a 12-month high of $12.71. The stock has a market cap of $564.13 million, a price-to-earnings ratio of -57.00 and a beta of 1.12. The business has a 50 day moving average of $10.08 and a 200-day moving average of $10.20.

CION Investment (NYSE:CION) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). CION Investment had a negative net margin of 4.57% and a positive return on equity of 9.63%. The business had revenue of $52.24 million during the quarter, compared to analyst estimates of $53.34 million. As a group, analysts expect that CION Investment Corporation will post 1.78 earnings per share for the current year.

CION Investment Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 13.3%. The ex-dividend date of this dividend is Tuesday, September 2nd. CION Investment’s dividend payout ratio (DPR) is presently -757.89%.

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.