Hennessy Advisors (NASDAQ:HNNA) VP Daniel Steadman Sells 5,000 Shares of Stock

Key Points

• Insider sale: Vice President Daniel Steadman sold 5,000 Hennessy Advisors shares at an average price of $10.26, worth $51,300, reducing his direct ownership by 11.69% to 37,768 shares.
• Mixed financial performance: Hennessy Advisors reported quarterly earnings of $0.25 per share and revenue of $8.39 million, missing analyst estimates of $0.37 and $9.96 million, respectively.
• Dividend and market outlook: The company pays a quarterly dividend of $0.15 per share, equivalent to a 5.9% annualized yield, while its stock carries a consensus “Hold” rating and recently traded near $10.18.

Hennessy Advisors, Inc. (NASDAQ:HNNA - Get Free Report) VP Daniel Steadman sold 5,000 shares of the firm's stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $10.26, for a total value of $51,300.00. Following the completion of the transaction, the vice president directly owned 37,768 shares in the company, valued at $387,499.68. This trade represents a 11.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Hennessy Advisors Stock Down 0.1%

Shares of NASDAQ HNNA traded down $0.01 during trading on Friday, reaching $10.18. 3,147 shares of the stock were exchanged, compared to its average volume of 9,786. The company has a market capitalization of $80.42 million, a price-to-earnings ratio of 9.79 and a beta of 0.58. The business's 50-day moving average price is $10.06 and its 200 day moving average price is $9.98. Hennessy Advisors, Inc. has a twelve month low of $8.90 and a twelve month high of $11.19.

Hennessy Advisors (NASDAQ:HNNA - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The asset manager reported $0.25 earnings per share for the quarter, missing analysts' consensus estimates of $0.37 by ($0.12). The business had revenue of $8.39 million for the quarter, compared to analyst estimates of $9.96 million. Hennessy Advisors had a net margin of 24.77% and a return on equity of 8.31%.

Hennessy Advisors Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend was Thursday, August 20th. Hennessy Advisors's dividend payout ratio (DPR) is currently 57.69%.

Hedge Funds Weigh In On Hennessy Advisors

Several hedge funds have recently modified their holdings of the company. Empowered Funds LLC boosted its position in shares of Hennessy Advisors by 13.8% during the 1st quarter. Empowered Funds LLC now owns 15,011 shares of the asset manager's stock valued at $146,000 after purchasing an additional 1,819 shares in the last quarter. Bank of America Corp DE acquired a new position in shares of Hennessy Advisors in the 2nd quarter valued at $154,000. BlackRock Inc. purchased a new position in Hennessy Advisors in the 2nd quarter worth about $201,000. Concurrent Investment Advisors LLC lifted its stake in Hennessy Advisors by 103.0% during the second quarter. Concurrent Investment Advisors LLC now owns 21,396 shares of the asset manager's stock valued at $217,000 after buying an additional 10,857 shares in the last quarter. Finally, Susquehanna International Group LLP boosted its stake in Hennessy Advisors by 5.8% in the 2nd quarter. Susquehanna International Group LLP now owns 21,611 shares of the asset manager's stock worth $219,000 after purchasing an additional 1,187 shares during the period. 10.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a "hold (c)" rating on shares of Hennessy Advisors in a research note on Tuesday, September 8th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of "Hold".

Hennessy Advisors Company Profile

Hennessy Advisors, Inc is an investment management company that provides advisory services to mutual funds, exchange-traded funds and other investment vehicles. The company develops and manages portfolios for individual and institutional investors, with strategies spanning U.S. equities, financial companies, growth stocks, income-oriented investments and other specialized areas.

Through the Hennessy Funds family, the company offers a range of actively managed and index-oriented investment products.

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