Hennessy Advisors (NASDAQ:HNNA) Announces Earnings Results

Hennessy Advisors (NASDAQ:HNNA) announced its earnings results on Wednesday. The asset manager reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.12), Zacks reports. Hennessy Advisors had a return on equity of 8.53% and a net margin of 25.40%.The business had revenue of $8.39 million for the quarter, compared to analyst estimates of $9.96 million.

Hennessy Advisors Price Performance

Shares of HNNA stock traded up $0.09 on Wednesday, hitting $9.85. 2,279 shares of the company’s stock were exchanged, compared to its average volume of 5,220. The company has a 50 day moving average of $9.99 and a 200 day moving average of $9.98. The stock has a market cap of $77.81 million, a P/E ratio of 9.38 and a beta of 0.59. Hennessy Advisors has a 12 month low of $8.90 and a 12 month high of $13.00.

Insider Transactions at Hennessy Advisors

In other Hennessy Advisors news, CFO Kathryn Fahy sold 10,000 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $10.00, for a total transaction of $100,000.00. Following the completion of the transaction, the chief financial officer owned 60,689 shares of the company’s stock, valued at approximately $606,890. The trade was a 14.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 36.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Hennessy Advisors

Several hedge funds and other institutional investors have recently made changes to their positions in HNNA. Empowered Funds LLC increased its position in 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 stake in shares of Hennessy Advisors during the second quarter worth $190,000. Bridgeway Capital Management LLC grew its stake in shares of Hennessy Advisors by 9.1% during the fourth quarter. Bridgeway Capital Management LLC now owns 20,192 shares of the asset manager’s stock worth $194,000 after buying an additional 1,678 shares during the last quarter. Citadel Advisors LLC bought a new stake in shares of Hennessy Advisors during the third quarter worth $218,000. Finally, Susquehanna International Group LLP boosted its holdings in shares of Hennessy Advisors by 108.5% during the 3rd quarter. Susquehanna International Group LLP now owns 26,553 shares of the asset manager’s stock valued at $280,000 after acquiring an additional 13,819 shares in the last quarter. 10.31% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings cut 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, According to MarketBeat, the company 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.