Harbour Investments Inc. Grows Stock Position in CION Investment Co. (NYSE:CION)

Harbour Investments Inc. grew its stake in shares of CION Investment Co. (NYSE:CION) by 17.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,149 shares of the company’s stock after acquiring an additional 2,679 shares during the quarter. Harbour Investments Inc.’s holdings in CION Investment were worth $216,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CION. Concurrent Investment Advisors LLC lifted its stake in shares of CION Investment by 2.9% during the third quarter. Concurrent Investment Advisors LLC now owns 41,729 shares of the company’s stock worth $497,000 after buying an additional 1,190 shares during the period. Endowment Wealth Management Inc. grew its stake in CION Investment by 2.3% during the 2nd quarter. Endowment Wealth Management Inc. now owns 56,841 shares of the company’s stock valued at $689,000 after purchasing an additional 1,253 shares during the last quarter. GPS Wealth Strategies Group LLC raised its stake in shares of CION Investment by 5.3% in the second quarter. GPS Wealth Strategies Group LLC now owns 37,893 shares of the company’s stock worth $459,000 after purchasing an additional 1,901 shares during the last quarter. Acorn Financial Advisory Services Inc. ADV lifted its holdings in shares of CION Investment by 0.9% during the third quarter. Acorn Financial Advisory Services Inc. ADV now owns 253,353 shares of the company’s stock worth $3,015,000 after purchasing an additional 2,267 shares during the period. Finally, Lazard Asset Management LLC purchased a new stake in CION Investment in the first quarter valued at approximately $37,000. 32.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CION has been the topic of several recent research reports. Oppenheimer initiated 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 reduced their price objective on CION Investment from $12.00 to $11.50 and set an “equal weight” rating for the company in a research note on Tuesday, October 29th.

CION Investment Stock Performance

Shares of NYSE CION opened at $11.34 on Monday. The company has a market capitalization of $604.31 million, a PE ratio of 7.71 and a beta of 1.18. The company’s fifty day moving average price is $11.78 and its 200 day moving average price is $12.03. CION Investment Co. has a 1 year low of $10.52 and a 1 year high of $12.69.

CION Investment Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 12.35%. The ex-dividend date is Monday, December 2nd. CION Investment’s dividend payout ratio (DPR) is presently 97.96%.

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.