Hennessy Advisors (NASDAQ:HNNA) Stock Price Crosses Above Fifty Day Moving Average – Here’s Why

Hennessy Advisors, Inc. (NASDAQ:HNNA) shares crossed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $10.23 and traded as high as $10.55. Hennessy Advisors shares last traded at $10.25, with a volume of 3,496 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Hennessy Advisors in a report on Tuesday, September 8th. One research analyst has rated the stock with a Hold rating. According to data from MarketBeat, the company currently has an average rating of “Hold”.

Hennessy Advisors Stock Up 0.6%

The stock has a market cap of $80.97 million, a price-to-earnings ratio of 9.86 and a beta of 0.56. The business’s fifty day moving average is $10.23 and its two-hundred day moving average is $10.04.

Hennessy Advisors (NASDAQ:HNNA) last announced its earnings results on Wednesday, August 5th. The asset manager reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.12). The business had revenue of $8.39 million for the quarter, compared to analysts’ expectations of $9.96 million. Hennessy Advisors had a return on equity of 8.31% and a net margin of 24.77%.

Hennessy Advisors Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Shareholders of record on Tuesday, November 10th will be paid a $0.15 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $0.60 annualized dividend and a dividend yield of 5.9%. Hennessy Advisors’s payout ratio is 57.69%.

Insider Activity at Hennessy Advisors

In other news, VP Daniel Steadman sold 5,000 shares of the company’s stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $10.26, for a total transaction of $51,300.00. Following the sale, the vice president owned 37,768 shares of the company’s stock, valued at approximately $387,499.68. This represents a 11.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 8,171 shares of company stock valued at $83,573 in the last three months. Insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Next Level Wealth Planning LLC purchased a new position in Hennessy Advisors in the third quarter valued at $26,000. Empowered Funds LLC increased 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 worth $146,000 after purchasing an additional 1,819 shares during the period. Bank of America Corp DE purchased a new stake in Hennessy Advisors during the 2nd quarter worth about $154,000. Net Worth Advisory Group raised its position in Hennessy Advisors by 51.6% in the 3rd quarter. Net Worth Advisory Group now owns 18,453 shares of the asset manager’s stock valued at $192,000 after purchasing an additional 6,280 shares in the last quarter. Finally, BlackRock Inc. acquired a new stake in Hennessy Advisors in the 2nd quarter valued at about $201,000. 10.31% of the stock is currently owned by hedge funds and other institutional investors.

Hennessy Advisors Company Profile

Hennessy Advisors, Inc is an investment management company that provides portfolio management, investment advisory and related services. Through its Hennessy Funds business, the company offers a range of investment products designed for individual investors, financial professionals and institutions.

The company’s offerings have included actively managed mutual funds and exchange-traded funds covering equities, fixed income and specialized investment strategies. Its portfolios may focus on areas such as large- and small-capitalization companies, financial services, technology, utilities, international markets and other targeted segments.