Hennessy Advisors (NASDAQ:HNNA) Stock Passes Below 200 Day Moving Average – Here’s Why

Shares of Hennessy Advisors, Inc. (NASDAQ:HNNA) 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 changing hands.

Analysts Set New Price Targets

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

Hennessy Advisors Stock Performance

The company’s 50-day moving average price is $10.06 and its 200-day moving average price is $9.98. The firm has a market capitalization of $77.66 million, a PE ratio of 9.36 and a beta of 0.58.

Hennessy Advisors (NASDAQ:HNNA) last posted its earnings results 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 during 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st were issued a $0.15 dividend. The ex-dividend date 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 is presently 57.14%.

Insider Buying and Selling at Hennessy Advisors

In related news, CFO Kathryn Fahy sold 10,000 shares of the business’s 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 completion of the sale, the chief financial officer owned 60,689 shares in the company, valued at $606,890. The trade was a 14.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 36.00% of the company’s stock.

Institutional Trading of Hennessy Advisors

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its holdings in shares of Hennessy Advisors by 2.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 49,110 shares of the asset manager’s stock valued at $471,000 after buying an additional 1,282 shares in the last quarter. Geode Capital Management LLC raised its stake in Hennessy Advisors by 3.4% during the 4th quarter. Geode Capital Management LLC now owns 56,478 shares of the asset manager’s stock worth $542,000 after acquiring an additional 1,873 shares in the last quarter. Susquehanna International Group LLP raised its stake 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 in the last quarter. Citadel Advisors LLC purchased a new stake in Hennessy Advisors in the third quarter valued at $218,000. Finally, Bridgeway Capital Management LLC lifted its position in Hennessy Advisors by 8.5% in the third quarter. Bridgeway Capital Management LLC now owns 18,514 shares of the asset manager’s stock valued at $195,000 after acquiring an additional 1,454 shares during the last quarter. Institutional investors and hedge funds own 10.31% of the company’s stock.

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.