Hennessy Advisors (NASDAQ:HNNA) Posts Quarterly Earnings Results, Misses Expectations By $0.12 EPS

Hennessy Advisors (NASDAQ:HNNA) announced its quarterly earnings results on Wednesday. The asset manager reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.12), Zacks reports. Hennessy Advisors had a return on equity of 8.53% and a net margin of 25.40%.The firm had revenue of $8.39 million for the quarter, compared to analyst estimates of $9.96 million.

Hennessy Advisors Stock Up 0.4%

NASDAQ HNNA traded up $0.04 on Thursday, hitting $9.89. 4,766 shares of the stock were exchanged, compared to its average volume of 10,347. Hennessy Advisors has a fifty-two week low of $8.90 and a fifty-two week high of $13.00. The company has a 50-day moving average price of $9.99 and a 200-day moving average price of $9.98. The company has a market cap of $78.10 million, a PE ratio of 9.42 and a beta of 0.59.

Hennessy Advisors Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 20th will be paid a $0.15 dividend. The ex-dividend date is Thursday, August 20th. This represents a $0.60 dividend on an annualized basis and a yield of 6.1%. Hennessy Advisors’s payout ratio is currently 57.14%.

Analysts Set New Price Targets

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 equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Hennessy Advisors presently has a consensus rating of “Hold”.

Insider Activity

In related news, CFO Kathryn Fahy sold 10,000 shares of the business’s stock in a transaction 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 in the company, valued at approximately $606,890. The trade was a 14.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC raised its position in shares of Hennessy Advisors by 2.0% during the 2nd quarter. Geode Capital Management LLC now owns 51,894 shares of the asset manager’s stock worth $654,000 after acquiring an additional 1,014 shares in the last quarter. Bridgeway Capital Management LLC increased its stake 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 last quarter. Evergreen Capital Management LLC purchased a new position in Hennessy Advisors in the second quarter valued at approximately $190,000. Citadel Advisors LLC acquired a new stake in Hennessy Advisors during the third quarter worth approximately $218,000. Finally, Susquehanna International Group LLP raised its holdings in Hennessy Advisors by 108.5% during the third quarter. Susquehanna International Group LLP now owns 26,553 shares of the asset manager’s stock worth $280,000 after purchasing an additional 13,819 shares in the last quarter. 10.31% of the stock is 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.