CION Investment Co. (NYSE:CION) Brief Interest Update
CION Investment Co. (NYSE: CION – Get a rating) was the target of a significant decline in short-term interest in May. As of May 15, there was short interest totaling 55,300 shares, down 19.0% from the total of 68,300 shares as of April 30. Based on an average daily volume of 166,100 shares, the short interest rate is currently 0.3 days. Approximately 0.1% of the company’s shares are sold short.
Separately, CFO Keith S. Franz bought 20,000 shares of the company in a deal that took place on Friday, May 13. The shares were purchased at an average cost of $10.50 per share, with a total value of $210,000.00. Following the completion of the acquisition, the CFO now directly owns 35,000 shares of the company, valued at approximately $367,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, available at the SEC website. Additionally, CEO Mark Gatto purchased 5,000 shares of the company in a transaction that took place on Thursday, May 19. The stock was purchased at an average price of $10.98 per share, for a total transaction of $54,900.00. Following the completion of the acquisition, the CEO now directly owns 32,806 shares of the company, valued at $360,209.88. Disclosure of this purchase can be found here. In the past three months, insiders have purchased 26,500 shares of the company worth $284,010. Company insiders hold 0.11% of the company’s shares.
Institutional investors have recently increased or reduced their stake in the company. Concourse Financial Group Securities Inc. purchased a new position in shares of CION Investment during the fourth quarter for a value of approximately $26,000. Lenox Wealth Advisors LLC increased its position in CION Investment shares by 100.1% during the first quarter. Lenox Wealth Advisors LLC now owns 2,757 shares of the company worth $34,000 after acquiring 1,379 additional shares in the last quarter. Focused Wealth Management Inc bought a new stock position in CION Investment during the fourth quarter worth approximately $42,000. Steward Partners Investment Advisory LLC purchased a new stock position in CION Investment during the fourth quarter worth approximately $44,000. Finally, TAP Consulting LLC bought a new stock position in CION Investment during the fourth quarter worth approximately $45,000. Institutional investors and hedge funds hold 3.48% of the company’s shares.
NYSE:CION shares traded down $0.46 on Tuesday, hitting $10.97. 4,895 shares of the company were traded, against an average volume of 157,419. The company has a market capitalization of $624.74 million and a price-earnings ratio of 10.30. CION Investment has a fifty-two week low of $9.95 and a fifty-two week high of $15.09. The company’s 50-day moving average is $12.00 and its two-hundred-day moving average is $12.65.
CION Investment (NYSE:CION- Get a rating) last reported results on Thursday, May 12. The company reported earnings per share of $0.34 for the quarter, beating analyst consensus estimates of $0.33 by $0.01. CION Investment posted a net margin of 47.28% and a return on equity of 8.18%.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 8. Shareholders of record on Wednesday, June 1 will receive a dividend of $0.28 per share. The ex-dividend date is Tuesday, May 31. This represents an annualized dividend of $1.12 and a dividend yield of 10.21%. This is a positive change from CION Investment’s previous quarterly dividend of $0.26. CION Investment’s dividend payout ratio is currently 100.90%.
Separately, Wells Fargo & Company lowered its price target on CION Investment shares from $12.50 to $11.50 and set an “equal weight” rating on the stock in a Monday, April 25 report. .
About CION Investment (Get a rating)
CION Investment Corporation is a business development company. It specializes in investments in senior secured loans, including unitranche loans, first lien loans, 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.
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