Hennessy Advisors (NASDAQ:HNNA) Stock Breaks Below 200 Day Moving Average - Here's Why

Key Points

• Hennessy Advisors shares fell below their 200-day moving average of $10.06, reaching $10.00 before last trading at $10.35. The stock has a market capitalization of $81.77 million and a beta of 0.56.
• The company’s latest quarterly results missed expectations, with earnings per share of $0.25 versus the $0.37 consensus estimate and revenue of $8.39 million versus $9.96 million expected. Analysts maintain an overall “Hold” rating.
• Hennessy declared a quarterly dividend of $0.15 per share, equivalent to $0.60 annually and a 5.8% yield. Insiders have sold 8,171 shares in the past quarter, while hedge funds and other institutions own 10.31% of the stock.

Hennessy Advisors, Inc. (NASDAQ:HNNA - Get Free Report)'s share price crossed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $10.06 and traded as low as $10.00. Hennessy Advisors shares last traded at $10.35, with a volume of 13,680 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a "hold (c)" rating on shares of Hennessy Advisors in a research note on Tuesday, September 8th. One 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 Stock Performance

The company has a 50 day moving average of $10.20 and a 200 day moving average of $10.06. The stock has a market capitalization of $81.77 million, a price-to-earnings ratio of 9.95 and a beta of 0.56.

Hennessy Advisors (NASDAQ:HNNA - Get Free Report) last posted its quarterly earnings results 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 return on equity of 8.31% and a net margin of 24.77%.

Hennessy Advisors Announces Dividend

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

Insiders Place Their Bets

In other Hennessy Advisors news, VP Daniel Steadman sold 5,000 shares of the business'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 transaction, the vice president directly owned 37,768 shares in the company, valued at $387,499.68. The trade was a 11.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last quarter, insiders have sold 8,171 shares of company stock valued at $83,573. Insiders own 36.00% of the company's stock.

Hedge Funds Weigh In On Hennessy Advisors

A number of hedge funds have recently modified their holdings of the business. Aegis Financial Corp boosted its position in shares of Hennessy Advisors by 20.8% during the 2nd quarter. Aegis Financial Corp now owns 170,768 shares of the asset manager's stock worth $1,733,000 after purchasing an additional 29,415 shares during the period. Renaissance Technologies LLC grew its holdings in Hennessy Advisors by 4.9% during the 1st quarter. Renaissance Technologies LLC now owns 100,088 shares of the asset manager's stock worth $976,000 after acquiring an additional 4,699 shares in the last quarter. Allworth Financial LP acquired a new position in shares of Hennessy Advisors during the second quarter worth $826,000. Perigon Wealth Management LLC acquired a new position in shares of Hennessy Advisors during the second quarter worth $648,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Hennessy Advisors by 7.3% during the first quarter. Dimensional Fund Advisors LP now owns 52,677 shares of the asset manager's stock worth $514,000 after purchasing an additional 3,567 shares in the last quarter. 10.31% of the stock is currently owned by hedge funds and other institutional investors.

Hennessy Advisors Company Profile

Hennessy Advisors, Inc is an investment management company that provides portfolio management, investment advisory and related services. The company manages and sponsors investment products designed for individual investors, financial professionals and institutional clients, with a focus on actively managed strategies across various equity and fixed-income categories.

Through the Hennessy Funds family, the company has offered a range of mutual funds and other investment solutions, including strategies focused on growth, value, income, small-cap companies and specialized industry or market themes.

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