Hennessy Advisors, Inc. (NASDAQ:HNNA) Short Interest Down 66.1% in June

Hennessy Advisors, Inc. (NASDAQ:HNNA) saw a significant drop in short interest during the month of June. As of June 15th, there was short interest totaling 2,458 shares, a drop of 66.1% from the May 31st total of 7,258 shares. Currently, 0.0% of the shares of the company are sold short. Based on an average daily volume of 7,379 shares, the days-to-cover ratio is presently 0.3 days.

Hennessy Advisors Price Performance

Shares of Hennessy Advisors stock traded down $0.05 during midday trading on Monday, hitting $10.27. The company had a trading volume of 1,671 shares, compared to its average volume of 11,506. Hennessy Advisors has a 1-year low of $8.90 and a 1-year high of $13.19. The business’s 50 day simple moving average is $10.01 and its two-hundred day simple moving average is $9.91. The stock has a market cap of $81.15 million, a PE ratio of 9.78 and a beta of 0.59.

Hennessy Advisors (NASDAQ:HNNA) last released its earnings results on Wednesday, May 6th. The asset manager reported $0.24 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.09). The company had revenue of $8.13 million for the quarter, compared to analyst estimates of $9.61 million. Hennessy Advisors had a net margin of 25.40% and a return on equity of 8.53%.

Hennessy Advisors Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Thursday, May 21st were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 5.8%. The ex-dividend date was Thursday, May 21st. Hennessy Advisors’s dividend payout ratio (DPR) is presently 57.14%.

Insider Activity

In other news, CFO Kathryn Fahy sold 10,000 shares of Hennessy Advisors stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $10.00, for a total value of $100,000.00. Following the transaction, the chief financial officer directly owned 60,689 shares in the company, valued at approximately $606,890. The trade was a 14.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Hennessy Advisors

Institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in Hennessy Advisors by 2.0% in the 2nd quarter. Geode Capital Management LLC now owns 51,894 shares of the asset manager’s stock valued at $654,000 after acquiring an additional 1,014 shares in the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of Hennessy Advisors by 6.7% during the 2nd quarter. Bridgeway Capital Management LLC now owns 17,060 shares of the asset manager’s stock worth $215,000 after purchasing an additional 1,072 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Hennessy Advisors by 2.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 49,110 shares of the asset manager’s stock worth $471,000 after purchasing an additional 1,282 shares in the last quarter. Empowered Funds LLC increased its position in shares of Hennessy Advisors by 14.6% during the fourth quarter. Empowered Funds LLC now owns 13,192 shares of the asset manager’s stock valued at $127,000 after purchasing an additional 1,678 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Hennessy Advisors by 4.9% during the first quarter. Renaissance Technologies LLC now owns 100,088 shares of the asset manager’s stock valued at $976,000 after purchasing an additional 4,699 shares during the period. 10.31% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

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.