Hennessy Advisors (NASDAQ:HNNA) Shares Cross Above 50 Day Moving Average - Should You Sell?

Key Points

• Hennessy Advisors shares rose above their 50-day moving average, reaching $10.37 and last trading at $10.375, up 1.7%. The company has an $81.96 million market capitalization and a beta of 0.58.
• The asset manager missed quarterly expectations, reporting EPS of $0.25 versus the $0.37 consensus and revenue of $8.39 million compared with estimates of $9.96 million. Weiss Ratings downgraded the stock’s rating from “hold (c+)” to “hold (c),” while the broader analyst consensus remains “Hold.”
• Hennessy Advisors pays a quarterly dividend of $0.15 per share, equivalent to $0.60 annually and a 5.8% yield, with a 57.69% payout ratio. Institutional investors own 10.31% of the company’s shares.

Shares of Hennessy Advisors, Inc. (NASDAQ:HNNA - Get Free Report) passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $10.02 and traded as high as $10.37. Hennessy Advisors shares last traded at $10.3750, with a volume of 7,281 shares traded.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of Hennessy Advisors from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, June 11th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Hennessy Advisors currently has an average rating of "Hold".

Hennessy Advisors Trading Up 1.7%

The stock has a market cap of $81.96 million, a P/E ratio of 9.98 and a beta of 0.58. The company's 50 day moving average price is $10.02 and its two-hundred day moving average price is $9.96.

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

Hennessy Advisors Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, August 20th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.8%. Hennessy Advisors's payout ratio is presently 57.69%.

Hedge Funds Weigh In On Hennessy Advisors

A number of institutional investors have recently bought and sold shares of the stock. Aegis Financial Corp lifted its position in Hennessy Advisors by 20.8% during the second quarter. Aegis Financial Corp now owns 170,768 shares of the asset manager's stock valued at $1,733,000 after purchasing an additional 29,415 shares in the last quarter. Truffle Hound Capital LLC increased its position in Hennessy Advisors by 6.1% in the fourth quarter. Truffle Hound Capital LLC now owns 160,000 shares of the asset manager's stock worth $1,536,000 after buying an additional 9,143 shares in the last quarter. Renaissance Technologies LLC increased its position in Hennessy Advisors by 4.9% in the first quarter. Renaissance Technologies LLC now owns 100,088 shares of the asset manager's stock worth $976,000 after buying an additional 4,699 shares in the last quarter. Allworth Financial LP bought a new position in shares of Hennessy Advisors in the second quarter worth about $826,000. Finally, Perigon Wealth Management LLC bought a new position in shares of Hennessy Advisors in the second quarter worth about $648,000. 10.31% of the stock is owned by institutional investors.

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.

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