Hennessy Advisors (NASDAQ:HNNA) Shares Pass Above 50-Day Moving Average – Here’s What Happened

Hennessy Advisors, Inc. (NASDAQ:HNNA) shares passed above its fifty day moving average during trading on Tuesday . The stock has a fifty 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 changing hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Hennessy Advisors in a research report on Tuesday. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has an average rating of “Hold”.

Hennessy Advisors Trading Down 0.8%

The company has a market capitalization of $80.34 million, a P/E ratio of 9.78 and a beta of 0.58. The firm’s 50 day moving average price is $10.02 and its two-hundred day moving average price is $9.96.

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

Hennessy Advisors Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders 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 annualized dividend and a yield of 5.9%. Hennessy Advisors’s payout ratio is 57.69%.

Hedge Funds Weigh In On Hennessy Advisors

Large investors have recently modified their holdings of the business. Allworth Financial LP acquired a new stake in shares of Hennessy Advisors in the second quarter valued at about $826,000. Perigon Wealth Management LLC acquired a new position in Hennessy Advisors during the second quarter valued at approximately $648,000. Aegis Financial Corp grew its stake in Hennessy Advisors by 20.8% in 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. Citadel Advisors LLC bought a new position in Hennessy Advisors in the third quarter valued at approximately $218,000. Finally, BlackRock Inc. acquired a new position in shares of Hennessy Advisors during the 2nd quarter worth approximately $201,000. 10.31% of the stock is currently owned by institutional investors and hedge funds.

Hennessy Advisors Company Profile

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.