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

Hennessy Advisors, Inc. (NASDAQ:HNNA)’s share price crossed 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 changing hands.

Analyst Ratings Changes

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

Hennessy Advisors Price Performance

The firm’s 50-day moving average price is $9.93 and its 200 day moving average price is $9.94. The firm has a market cap of $78.21 million, a P/E ratio of 9.43 and a beta of 0.59.

Hennessy Advisors (NASDAQ:HNNA) last issued 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). The business had revenue of $8.13 million during the quarter, compared to the consensus estimate of $9.61 million. Hennessy Advisors had a return on equity of 8.53% and a net margin of 25.40%.

Hennessy Advisors Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st will be issued 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 payout ratio is 57.14%.

Insider Buying and Selling at Hennessy Advisors

In other news, CFO Kathryn Fahy sold 10,000 shares of Hennessy Advisors stock in a transaction that occurred 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 sale, 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Hennessy Advisors

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC grew 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 worth $127,000 after buying an additional 1,678 shares during the last quarter. Evergreen Capital Management LLC purchased a new position in shares of Hennessy Advisors during the 2nd quarter valued at $190,000. Bridgeway Capital Management LLC grew its holdings in shares of Hennessy Advisors by 6.7% during the 2nd quarter. Bridgeway Capital Management LLC now owns 17,060 shares of the asset manager’s stock valued at $215,000 after acquiring an additional 1,072 shares in the last quarter. Citadel Advisors LLC bought a new stake in Hennessy Advisors in the third quarter worth $218,000. Finally, Susquehanna International Group LLP lifted its position in Hennessy Advisors by 108.5% during the 3rd quarter. Susquehanna International Group LLP now owns 26,553 shares of the asset manager’s stock worth $280,000 after acquiring an additional 13,819 shares during the last quarter. Institutional investors own 10.31% of the company’s stock.

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.