Mark Gatto, Co-Chairman and Co-CEO of CION Investment Corp (NYSE:CION), has recently purchased shares of the company's common stock valued at a total of $12,673. The transactions, which took place on March 27, 2024, involved buying 1,150 shares at a price of $11.02 each.
Gatto's recent acquisition demonstrates a continued commitment to the company, as he increased his holdings in CION Investment Corp through multiple transactions. The shares were acquired indirectly through the Gatto Living Trust, for which Gatto serves as Co-Trustee, and through custodial accounts for his children established under the Uniform Transfer to Minors Act (UTMA), with Gatto acting as custodian.
The purchases were spread across four separate transactions. The largest was for 1,000 shares, which are now held by the Gatto Living Trust. Additionally, three separate purchases of 50 shares each were made for the UTMA accounts of A.G., G.G., and M.G., children of Mark Gatto. The transactions indicate a strong confidence in the company's future prospects from its top executive.
It is noteworthy that, as per the footnotes in the SEC filing, Gatto disclaims beneficial ownership of the shares held in his children's UTMA accounts, except to the extent of his pecuniary interest therein. This is a standard disclaimer for shares held in trust for others, underlining the legal distinction between the custodian and the beneficial owners of the shares.
Investors often monitor insider transactions such as these for insights into executives' perspectives on their company's performance and value. CION Investment Corp's stock activity by one of its leading executives may be of particular interest to current and potential shareholders analyzing the company's stock for their investment portfolios.
InvestingPro Insights
Following the recent insider purchases by Co-Chairman and Co-CEO Mark Gatto, CION Investment Corp (NYSE:CION) seems to demonstrate strengthening confidence from its top executive. Providing additional context, InvestingPro data shows that CION Investment Corp boasts a Market Cap of $592.29M and an attractive P/E Ratio of 6.36, which dips even lower to 5.71 when adjusted for the last twelve months as of Q4 2023. This suggests the stock is trading at a low earnings multiple, which could be a sign of undervaluation. Additionally, the company's Dividend Yield stands at a substantial 14.18%, aligning with the InvestingPro Tip that CION pays a significant dividend to shareholders.
InvestingPro Tips also highlight that CION has raised its dividend for three consecutive years, indicating a potential for reliable income for investors. Moreover, analysts predict the company will be profitable this year, a forecast supported by the fact that it has been profitable over the last twelve months. These insights may further bolster investor confidence in the company's stability and growth prospects.
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