Hennessy Advisors (NASDAQ:HNNA) Share Price Crosses Above 200 Day Moving Average - Here's Why

Key Points

• Hennessy Advisors shares crossed above their 200-day moving average, trading as high as $10.26 and last at $10.19, versus a 200-day average of $10.04.
• Analyst sentiment remains cautious: the stock has an average Hold rating, with one analyst rating it Hold.
• The company declared a quarterly dividend of $0.15 per share, equivalent to $0.60 annually and a 5.9% yield. Insiders have also sold 8,171 shares over the past three months.

Hennessy Advisors, Inc. (NASDAQ:HNNA - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $10.04 and traded as high as $10.26. Hennessy Advisors shares last traded at $10.19, with a volume of 2,408 shares changing hands.

Analysts Set New Price Targets

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

Hennessy Advisors Price Performance

The firm has a market capitalization of $80.50 million, a P/E ratio of 9.80 and a beta of 0.48. The stock's 50-day simple moving average is $10.28 and its two-hundred day simple moving average is $10.04.

Hennessy Advisors Announces Dividend

The firm also recently disclosed 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. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend is Tuesday, November 10th. Hennessy Advisors's dividend payout ratio (DPR) is presently 57.69%.

Insider Activity at Hennessy Advisors

In related news, VP Daniel Steadman sold 5,000 shares of the company's stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $10.26, for a total transaction of $51,300.00. Following the transaction, the vice president directly owned 37,768 shares in the company, valued at approximately $387,499.68. This represents a 11.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 8,171 shares of company stock worth $83,573. 36.00% of the stock is currently owned by insiders.

Institutional Trading of Hennessy Advisors

A number of large investors have recently made changes to their positions in HNNA. Next Level Wealth Planning LLC purchased a new stake in shares of Hennessy Advisors in the third quarter valued at approximately $26,000. Empowered Funds LLC raised its stake in Hennessy Advisors by 13.8% in the 1st quarter. Empowered Funds LLC now owns 15,011 shares of the asset manager's stock worth $146,000 after acquiring an additional 1,819 shares during the last quarter. Bank of America Corp DE purchased a new position in Hennessy Advisors during the 2nd quarter worth approximately $154,000. Net Worth Advisory Group lifted its holdings in shares of 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 buying an additional 6,280 shares during the period. Finally, BlackRock Inc. acquired a new stake in shares of Hennessy Advisors during the 2nd quarter worth approximately $201,000. 10.31% of the stock is owned by hedge funds and other institutional investors.

About Hennessy Advisors

Hennessy Advisors, Inc. is an independent investment management firm that manages and markets a family of mutual funds. Its offerings span multiple investment strategies and are available to U.S. investors through financial professionals and other distribution channels. Founded in 1989, the company is headquartered in Novato, California. It is led by Neil J. Hennessy, its president and chief executive officer.

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