Spire Wealth Management Lowers Stock Position in CION Investment Corporation $CION

Spire Wealth Management decreased its holdings in shares of CION Investment Corporation (NYSE:CION) by 75.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,931 shares of the company’s stock after selling 12,327 shares during the period. Spire Wealth Management’s holdings in CION Investment were worth $38,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CION. Financial Gravity Asset Management Inc. acquired a new position in CION Investment during the first quarter worth $1,007,000. Private Advisor Group LLC boosted its position in shares of CION Investment by 10.7% during the 1st quarter. Private Advisor Group LLC now owns 739,356 shares of the company’s stock worth $7,652,000 after purchasing an additional 71,434 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of CION Investment by 72.1% during the 1st quarter. HighTower Advisors LLC now owns 39,500 shares of the company’s stock worth $409,000 after purchasing an additional 16,544 shares in the last quarter. Avantax Advisory Services Inc. acquired a new position in shares of CION Investment during the 1st quarter worth $271,000. Finally, North Ground Capital increased its holdings in shares of CION Investment by 37.8% in the 1st quarter. North Ground Capital now owns 581,100 shares of the company’s stock valued at $5,840,000 after purchasing an additional 159,299 shares in the last quarter. 32.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CION shares. Zacks Research downgraded shares of CION Investment from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Wells Fargo & Company reissued an “underweight” rating and set a $8.50 price target (down previously from $9.00) on shares of CION Investment in a research note on Tuesday, August 12th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of CION Investment in a research note on Wednesday, October 8th. Finally, Wall Street Zen raised CION Investment from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $8.50.

CION Investment Price Performance

Shares of CION opened at $9.76 on Friday. CION Investment Corporation has a 1-year low of $8.51 and a 1-year high of $12.71. The stock has a market cap of $508.37 million, a price-to-earnings ratio of -51.37 and a beta of 1.08. The firm has a 50 day simple moving average of $9.64 and a 200-day simple moving average of $9.76.

CION Investment (NYSE:CION) last posted its earnings results on Thursday, November 6th. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.39. The firm had revenue of $78.71 million for the quarter, compared to analyst estimates of $52.41 million. CION Investment had a positive return on equity of 9.63% and a negative net margin of 4.57%. On average, equities analysts expect that CION Investment Corporation will post 1.78 earnings per share for the current fiscal year.

CION Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 14.8%. The ex-dividend date is Monday, December 1st. CION Investment’s dividend payout ratio (DPR) is currently -757.89%.

CION Investment Company 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.