Hennessy Advisors (NASDAQ:HNNA) Stock Crosses Above 50 Day Moving Average – Here’s What Happened

Hennessy Advisors, Inc. (NASDAQ:HNNA) shares 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.

Analyst Upgrades and Downgrades

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, According to MarketBeat, Hennessy Advisors currently has an average rating of “Hold”.

Hennessy Advisors Stock Down 0.2%

The company has a market cap of $77.26 million, a P/E ratio of 9.31 and a beta of 0.59. The stock’s 50-day moving average price is $9.94 and its 200 day moving average price is $9.93.

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

Hennessy Advisors Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st were given a $0.15 dividend. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.60 dividend on an annualized basis and a dividend yield of 6.1%. Hennessy Advisors’s dividend payout ratio (DPR) is currently 57.14%.

Insider Activity 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 shares were sold at an average price of $10.00, for a total value of $100,000.00. Following the transaction, the chief financial officer owned 60,689 shares of the company’s stock, valued at $606,890. This trade represents a 14.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 36.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hennessy Advisors

A number of institutional investors and hedge funds have recently bought and sold shares of HNNA. Truffle Hound Capital LLC increased its position in Hennessy Advisors by 241.8% during the third quarter. Truffle Hound Capital LLC now owns 150,857 shares of the asset manager’s stock worth $1,576,000 after acquiring an additional 106,726 shares during the period. Navellier & Associates Inc. increased its position in Hennessy Advisors by 72.2% during the third quarter. Navellier & Associates Inc. now owns 73,647 shares of the asset manager’s stock worth $770,000 after acquiring an additional 30,889 shares during the period. Citadel Advisors LLC bought a new position in Hennessy Advisors during the third quarter worth $218,000. Evergreen Capital Management LLC bought a new position in Hennessy Advisors during the second quarter worth $190,000. Finally, Susquehanna International Group LLP increased its position 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 acquiring an additional 13,819 shares during the period. 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.