CION Investment (NYSE:CION) Reaches New 52-Week Low - Here's What Happened

CION Investment Co. (NYSE:CION - Get Free Report) hit a new 52-week low on Friday . The stock traded as low as $10.39 and last traded at $10.41, with a volume of 47216 shares. The stock had previously closed at $10.48.

Analysts Set New Price Targets

Separately, Wells Fargo & Company reiterated an "underweight" rating and issued a $10.00 price objective (down previously from $11.00) on shares of CION Investment in a research note on Monday, March 17th.

CION Investment Trading Up 1.5 %

The firm has a market capitalization of $557.05 million, a price-to-earnings ratio of 7.15 and a beta of 1.11. The stock's fifty day moving average price is $11.69 and its two-hundred day moving average price is $11.66.

CION Investment (NYSE:CION - Get Free Report) last announced its quarterly earnings results on Thursday, March 13th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.01). CION Investment had a return on equity of 11.49% and a net margin of 31.21%. The business had revenue of $87.91 million for the quarter, compared to analysts' expectations of $54.11 million. Analysts anticipate that CION Investment Co. will post 1.78 earnings per share for the current fiscal year.

CION Investment Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 13.71%. The ex-dividend date of this dividend is Friday, March 28th. CION Investment's dividend payout ratio (DPR) is 228.57%.

Institutional Trading of CION Investment

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CION. Hennion & Walsh Asset Management Inc. grew its position in shares of CION Investment by 14.1% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 504,411 shares of the company's stock valued at $5,750,000 after buying an additional 62,365 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of CION Investment during the third quarter worth about $161,000. A&I Financial Services LLC acquired a new stake in shares of CION Investment during the fourth quarter worth about $386,000. Whipplewood Advisors LLC purchased a new stake in shares of CION Investment in the 4th quarter valued at about $466,000. Finally, Arete Wealth Advisors LLC boosted its position in shares of CION Investment by 67.6% in the 3rd quarter. Arete Wealth Advisors LLC now owns 28,275 shares of the company's stock valued at $337,000 after purchasing an additional 11,408 shares during the period. Institutional investors and hedge funds own 32.01% of the company's stock.

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.