Hennessy Advisors, Inc. (NASDAQ:HNNA) Sees Significant Drop in Short Interest

Hennessy Advisors, Inc. (NASDAQ:HNNA) was the target of a large drop in short interest in September. As of September 30th, there was short interest totaling 2,941 shares, a drop of 50.8% from the September 15th total of 5,982 shares. Currently, 0.1% of the company’s stock are short sold. Based on an average daily volume of 10,067 shares, the days-to-cover ratio is presently 0.3 days.

Insider Transactions at Hennessy Advisors

In other Hennessy Advisors news, VP Daniel Steadman sold 5,000 shares of Hennessy Advisors stock in a transaction dated 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. The trade was a 11.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 8,171 shares of company stock valued at $83,573 over the last three months. 36.00% of the stock is currently owned by insiders.

Institutional Trading of Hennessy Advisors

A number of institutional investors have recently made changes to their positions in the stock. Aegis Financial Corp boosted its holdings in Hennessy Advisors by 20.8% in the second quarter. Aegis Financial Corp now owns 170,768 shares of the asset manager’s stock worth $1,733,000 after purchasing an additional 29,415 shares during the last quarter. Renaissance Technologies LLC grew its position in Hennessy Advisors by 4.9% in the 1st quarter. Renaissance Technologies LLC now owns 100,088 shares of the asset manager’s stock worth $976,000 after purchasing an additional 4,699 shares during the period. Allworth Financial LP bought a new stake in Hennessy Advisors in the 2nd quarter worth approximately $826,000. Perigon Wealth Management LLC purchased a new stake in Hennessy Advisors during the 2nd quarter valued at $648,000. Finally, Dimensional Fund Advisors LP raised its stake in Hennessy Advisors by 7.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 52,677 shares of the asset manager’s stock valued at $514,000 after buying an additional 3,567 shares during the last quarter. Hedge funds and other institutional investors own 10.31% of the company’s stock.

Hennessy Advisors Stock Performance

Shares of HNNA stock traded down $0.04 during mid-day trading on Thursday, hitting $10.27. The company’s stock had a trading volume of 12,670 shares, compared to its average volume of 9,646. Hennessy Advisors has a 52-week low of $8.90 and a 52-week high of $10.87. The business has a 50-day moving average price of $10.16 and a 200 day moving average price of $10.04. The stock has a market cap of $81.13 million, a price-to-earnings ratio of 9.87 and a beta of 0.56.

Hennessy Advisors (NASDAQ:HNNA) last released 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 net margin of 24.77% and a return on equity of 8.31%. The business had revenue of $8.39 million for the quarter, compared to analysts’ expectations of $9.96 million.

Hennessy Advisors Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, August 20th. This represents a $0.60 annualized dividend and a yield of 5.8%. Hennessy Advisors’s dividend payout ratio is currently 57.69%.

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 research analyst has rated the stock with a Hold rating. According to data from MarketBeat.com, Hennessy Advisors presently has an average 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.