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

Hennessy Advisors, Inc. (NASDAQ:HNNA)’s stock price passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $9.98 and traded as low as $9.90. Hennessy Advisors shares last traded at $9.95, with a volume of 7,505 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded Hennessy Advisors from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. One analyst has rated the stock with a Hold rating, According to MarketBeat, the company has an average rating of “Hold”.

Hennessy Advisors Stock Down 0.3%

The business has a 50-day moving average price of $10.05 and a 200-day moving average price of $9.98. The firm has a market capitalization of $78.61 million, a price-to-earnings ratio of 9.48 and a beta of 0.58.

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 business 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 firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Thursday, May 21st were paid a $0.15 dividend. The ex-dividend date was Thursday, May 21st. This represents a $0.60 dividend on an annualized basis and a yield of 6.0%. Hennessy Advisors’s dividend payout ratio (DPR) is 57.14%.

Insiders Place Their Bets

In other Hennessy Advisors news, CFO Kathryn Fahy sold 10,000 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $10.00, for a total value of $100,000.00. Following the completion of the sale, the chief financial officer owned 60,689 shares of the company’s stock, valued at approximately $606,890. This trade represents a 14.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Hennessy Advisors

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

About Hennessy Advisors

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.