Creekmur Asset Management LLC Reduces Stock Position in CION Investment Co. (NYSE:CION)

Creekmur Asset Management LLC reduced its holdings in CION Investment Co. (NYSE:CION) by 32.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,917 shares of the company’s stock after selling 9,485 shares during the period. Creekmur Asset Management LLC’s holdings in CION Investment were worth $237,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Van ECK Associates Corp lifted its holdings in CION Investment by 7.6% during the 1st quarter. Van ECK Associates Corp now owns 1,069,799 shares of the company’s stock valued at $11,768,000 after buying an additional 75,859 shares in the last quarter. Acadian Asset Management LLC raised its stake in shares of CION Investment by 32.5% in the second quarter. Acadian Asset Management LLC now owns 695,609 shares of the company’s stock worth $8,427,000 after purchasing an additional 170,635 shares during the last quarter. Cetera Investment Advisers raised its stake in shares of CION Investment by 2,340.1% in the first quarter. Cetera Investment Advisers now owns 524,131 shares of the company’s stock worth $5,765,000 after purchasing an additional 502,651 shares during the last quarter. Diversify Wealth Management LLC purchased a new stake in CION Investment in the second quarter valued at approximately $2,250,000. Finally, Strong Tower Advisory Services increased its holdings in CION Investment by 1,469.2% in the 3rd quarter. Strong Tower Advisory Services now owns 196,199 shares of the company’s stock worth $2,335,000 after buying an additional 183,696 shares during the period. 32.01% of the stock is owned by hedge funds and other institutional investors.

CION Investment Price Performance

Shares of NYSE CION opened at $11.77 on Wednesday. The firm’s 50 day simple moving average is $11.92 and its 200-day simple moving average is $12.01. CION Investment Co. has a 12 month low of $9.77 and a 12 month high of $12.69. The stock has a market capitalization of $630.74 million, a price-to-earnings ratio of 4.82 and a beta of 1.18.

CION Investment (NYSE:CION) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.43 EPS for the quarter. The company had revenue of $61.36 million for the quarter. CION Investment had a net margin of 48.50% and a return on equity of 12.39%. Analysts anticipate that CION Investment Co. will post 1.77 earnings per share for the current fiscal year.

CION Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were issued a $0.36 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $1.44 dividend on an annualized basis and a yield of 12.23%. CION Investment’s payout ratio is 59.02%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Oppenheimer began coverage on shares of CION Investment in a report on Tuesday, October 8th. They issued a “market perform” rating and a $13.00 price objective on the stock. Wells Fargo & Company lowered their price target on shares of CION Investment from $12.00 to $11.50 and set an “equal weight” rating on the stock in a report on Tuesday.

CION Investment 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.