Hennessy Advisors (NASDAQ:HNNA) Share Price Passes Above Fifty Day Moving Average – Here’s What Happened

Hennessy Advisors, Inc. (NASDAQ:HNNA) shares passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $9.93 and traded as high as $10.04. Hennessy Advisors shares last traded at $9.90, with a volume of 11,106 shares traded.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “hold (c+)” rating on shares of Hennessy Advisors in a report on Friday, March 27th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Hennessy Advisors has a consensus rating of “Hold”.

Hennessy Advisors Trading Down 0.8%

The business has a 50 day moving average of $9.93 and a 200-day moving average of $9.94. The stock has a market cap of $78.21 million, a PE ratio of 9.43 and a beta of 0.59.

Hennessy Advisors (NASDAQ:HNNA) last posted its earnings results on Wednesday, May 6th. The asset manager reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.09). Hennessy Advisors had a net margin of 25.40% and a return on equity of 8.53%. The company had revenue of $8.13 million during the quarter, compared to analysts’ expectations of $9.61 million.

Hennessy Advisors Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Thursday, May 21st will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date of this dividend is Thursday, May 21st. Hennessy Advisors’s dividend payout ratio is currently 57.14%.

Insider Buying and Selling at Hennessy Advisors

In other news, CFO Kathryn Fahy sold 10,000 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $10.00, for a total transaction of $100,000.00. Following the completion of the sale, the chief financial officer directly owned 60,689 shares in the company, valued at $606,890. This represents a 14.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 36.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Hennessy Advisors

Institutional investors and hedge funds have recently made changes to their positions in the company. Empowered Funds LLC raised its position in Hennessy Advisors by 14.6% in the fourth quarter. Empowered Funds LLC now owns 13,192 shares of the asset manager’s stock valued at $127,000 after purchasing an additional 1,678 shares during the period. Evergreen Capital Management LLC purchased a new position in Hennessy Advisors in the second quarter valued at about $190,000. Bridgeway Capital Management LLC raised its position in Hennessy Advisors by 6.7% in the second quarter. Bridgeway Capital Management LLC now owns 17,060 shares of the asset manager’s stock valued at $215,000 after purchasing an additional 1,072 shares during the period. Citadel Advisors LLC acquired a new stake in shares of Hennessy Advisors during the third quarter valued at about $218,000. Finally, Susquehanna International Group LLP grew its stake in shares of Hennessy Advisors by 108.5% during the third quarter. Susquehanna International Group LLP now owns 26,553 shares of the asset manager’s stock valued at $280,000 after acquiring an additional 13,819 shares in the last quarter. 10.31% of the stock is currently owned by institutional investors and hedge funds.

Hennessy Advisors Company Profile

Hennessy Advisors, Inc is an investment advisory firm specializing in the management of closed-end and open-end funds, as well as separate account strategies. Serving as the investment adviser to a family of publicly traded closed-end funds and a series of mutual funds, the company focuses on generating income and total return for its shareholders by deploying a range of equity and fixed-income strategies. Hennessy Advisors is registered with the U.S. Securities and Exchange Commission and operates under the Investment Advisers Act of 1940.

The firm’s product lineup includes multiple closed-end funds that invest in U.S.