Hennessy Advisors (NASDAQ:HNNA) Stock Price Crosses Below Two Hundred Day Moving Average – Here’s What Happened

Hennessy Advisors, Inc. (NASDAQ:HNNA)’s stock price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $9.93 and traded as low as $9.68. Hennessy Advisors shares last traded at $9.79, with a volume of 13,401 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Hennessy Advisors in a research note on Friday, March 27th. One research analyst has rated the stock with a Hold rating, According to MarketBeat, Hennessy Advisors currently has a consensus rating of “Hold”.

Hennessy Advisors Price Performance

The firm’s 50 day moving average is $9.96 and its 200 day moving average is $9.93. The company has a market cap of $77.34 million, a PE ratio of 9.32 and a beta of 0.59.

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

Hennessy Advisors Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Thursday, May 21st were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.60 annualized dividend and a yield of 6.1%. Hennessy Advisors’s payout ratio is currently 57.14%.

Insider Buying and Selling

In related news, CFO Kathryn Fahy sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $10.00, for a total transaction of $100,000.00. Following the completion of the transaction, the chief financial officer owned 60,689 shares of the company’s stock, valued at approximately $606,890. The trade was a 14.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Hennessy Advisors

A number of institutional investors have recently made changes to their positions in HNNA. Empowered Funds LLC raised its holdings in Hennessy Advisors by 13.8% during the 1st quarter. Empowered Funds LLC now owns 15,011 shares of the asset manager’s stock valued at $146,000 after buying an additional 1,819 shares during the last quarter. Renaissance Technologies LLC raised its stake in Hennessy Advisors by 4.9% during the 1st quarter. Renaissance Technologies LLC now owns 100,088 shares of the asset manager’s stock worth $976,000 after acquiring an additional 4,699 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Hennessy Advisors by 7.3% during the first quarter. Dimensional Fund Advisors LP now owns 52,677 shares of the asset manager’s stock valued at $514,000 after buying an additional 3,567 shares during the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of Hennessy Advisors by 9.1% in the fourth quarter. Bridgeway Capital Management LLC now owns 20,192 shares of the asset manager’s stock valued at $194,000 after purchasing an additional 1,678 shares in the last quarter. Finally, Truffle Hound Capital LLC boosted its stake in Hennessy Advisors by 6.1% during the fourth quarter. Truffle Hound Capital LLC now owns 160,000 shares of the asset manager’s stock worth $1,536,000 after buying an additional 9,143 shares during the period. Hedge funds and other institutional investors own 10.31% of the company’s stock.

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.