Hennessy Advisors, Inc. (NASDAQ:HNNA) Shares Shorted: Short Interest Down 50.8% in September

Hennessy Advisors, Inc. (NASDAQ:HNNA) saw a significant decrease in short interest during the month of September. As of September 30th, there was short interest totaling 2,941 shares, a decrease of 50.8% from the September 15th total of 5,982 shares. Based on an average daily trading volume, of 10,067 shares, the short-interest ratio is currently 0.3 days. Approximately 0.1% of the shares of the stock are short sold.

Hennessy Advisors Trading Down 0.3%

Shares of HNNA traded down $0.03 during mid-day trading on Friday, hitting $10.40. The company’s stock had a trading volume of 989 shares, compared to its average volume of 9,600. The firm has a market capitalization of $82.16 million, a price-to-earnings ratio of 10.00 and a beta of 0.56. Hennessy Advisors has a 52-week low of $8.90 and a 52-week high of $10.87. The company’s 50-day moving average is $10.17 and its 200-day moving average is $10.04.

Hennessy Advisors (NASDAQ:HNNA) last posted its quarterly earnings data on Wednesday, August 5th. The asset manager reported $0.25 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.12). Hennessy Advisors had a return on equity of 8.31% and a net margin of 24.77%. The firm had revenue of $8.39 million for the quarter, compared to the consensus estimate of $9.96 million.

Hennessy Advisors Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th were paid 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 presently 57.69%.

Insider Transactions at Hennessy Advisors

In related news, VP Daniel Steadman sold 5,000 shares of the firm’s stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $10.26, for a total value of $51,300.00. Following the completion of the transaction, the vice president directly owned 37,768 shares of the company’s stock, valued at approximately $387,499.68. This trade represents a 11.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 8,171 shares of company stock valued at $83,573. Insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Hennessy Advisors

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC raised its position in shares of Hennessy Advisors by 13.8% in the first 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 period. Bank of America Corp DE purchased a new stake in Hennessy Advisors in the 2nd quarter valued at $154,000. BlackRock Inc. acquired a new stake in Hennessy Advisors during the second quarter worth about $201,000. Concurrent Investment Advisors LLC increased its stake in Hennessy Advisors by 103.0% during the second quarter. Concurrent Investment Advisors LLC now owns 21,396 shares of the asset manager’s stock worth $217,000 after acquiring an additional 10,857 shares during the last quarter. Finally, Susquehanna International Group LLP boosted its stake in Hennessy Advisors by 5.8% during the second quarter. Susquehanna International Group LLP now owns 21,611 shares of the asset manager’s stock worth $219,000 after buying an additional 1,187 shares during the period. 10.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Hennessy Advisors in a research report on Tuesday, September 8th. One equities research analyst has rated the stock with a Hold rating. Based on data from MarketBeat, the company presently has a consensus rating of “Hold”.

About Hennessy Advisors

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.