Short Interest in Hennessy Advisors, Inc. (NASDAQ:HNNA) Declines By 20.4%

Key Points

• Short interest in Hennessy Advisors fell 20.4% in March to 3,679 shares (about 0.1% of shares) with a days-to-cover ratio of 0.5.
• Hennessy raised its quarterly dividend to $0.15 (annualized $0.60), yielding 6.3% with a payout ratio of 52.63%.
• The company has a market cap of $75.05 million, a P/E of 8.34, reported $0.24 EPS on $8.32 million revenue last quarter, and a 12-month stock range of $8.43–$13.19.

Hennessy Advisors, Inc. (NASDAQ:HNNA - Get Free Report) was the recipient of a significant drop in short interest during the month of March. As of March 13th, there was short interest totaling 3,679 shares, a drop of 20.4% from the February 26th total of 4,624 shares. Based on an average trading volume of 7,447 shares, the days-to-cover ratio is currently 0.5 days. Approximately 0.1% of the company's shares are short sold.

Hennessy Advisors Stock Performance

Shares of HNNA opened at $9.51 on Monday. The stock has a market capitalization of $75.05 million, a price-to-earnings ratio of 8.34 and a beta of 0.65. Hennessy Advisors has a 12 month low of $8.43 and a 12 month high of $13.19. The firm has a fifty day simple moving average of $9.98 and a 200 day simple moving average of $10.04.

Hennessy Advisors (NASDAQ:HNNA - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The asset manager reported $0.24 EPS for the quarter. Hennessy Advisors had a net margin of 26.52% and a return on equity of 9.33%. The firm had revenue of $8.32 million for the quarter.

Hennessy Advisors Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 4th. Investors of record on Wednesday, February 18th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 6.3%. This is a boost from Hennessy Advisors's previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Wednesday, February 18th. Hennessy Advisors's payout ratio is currently 52.63%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a "hold (c+)" rating on shares of Hennessy Advisors in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of "Hold".

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Empowered Funds LLC raised its stake in shares of Hennessy Advisors by 14.6% during the 4th quarter. Empowered Funds LLC now owns 13,192 shares of the asset manager's stock worth $127,000 after purchasing an additional 1,678 shares in the last quarter. Evergreen Capital Management LLC bought a new position in shares of Hennessy Advisors in the second quarter valued at $190,000. Bridgeway Capital Management LLC grew its stake in shares of Hennessy Advisors by 6.7% in the second quarter. Bridgeway Capital Management LLC now owns 17,060 shares of the asset manager's stock valued at $215,000 after buying an additional 1,072 shares in the last quarter. Citadel Advisors LLC acquired a new position in Hennessy Advisors during the third quarter worth $218,000. Finally, Susquehanna International Group LLP increased its holdings in Hennessy Advisors by 108.5% during the third quarter. Susquehanna International Group LLP now owns 26,553 shares of the asset manager's stock worth $280,000 after buying an additional 13,819 shares during the last quarter. 10.31% of the stock is currently 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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