Hennessy Advisors (NASDAQ:HNNA) Stock Breaks Above 50-Day Moving Average – Time to Sell?

Hennessy Advisors, Inc. (NASDAQ:HNNA) crossed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $10.23 and traded as high as $10.55. Hennessy Advisors shares last traded at $10.25, with a volume of 3,496 shares trading hands.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Hennessy Advisors in a research note on Tuesday, September 8th. One research analyst has rated the stock with a Hold rating. Based on data from MarketBeat, the stock currently has an average rating of “Hold”.

Hennessy Advisors Trading Up 0.6%

The company’s fifty day moving average is $10.23 and its 200 day moving average is $10.04. The company has a market capitalization of $80.97 million, a P/E ratio of 9.86 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 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.12). The business had revenue of $8.39 million during the quarter, compared to analysts’ expectations of $9.96 million. Hennessy Advisors had a net margin of 24.77% and a return on equity of 8.31%.

Hennessy Advisors Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Tuesday, November 10th will be given a $0.15 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $0.60 annualized dividend and a dividend yield of 5.9%. Hennessy Advisors’s payout ratio is 57.69%.

Insider Activity

In other Hennessy Advisors news, VP Daniel Steadman sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 24th. The stock was 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 owned 37,768 shares in the company, valued at $387,499.68. This trade represents a 11.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 8,171 shares of company stock worth $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 modified their holdings of the stock. Allworth Financial LP purchased a new stake in Hennessy Advisors in the 2nd quarter worth approximately $826,000. Perigon Wealth Management LLC purchased a new position in shares of Hennessy Advisors during the 2nd quarter valued at $648,000. Aegis Financial Corp grew its position in shares of Hennessy Advisors by 20.8% during the 2nd 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. BlackRock Inc. purchased a new position in shares of Hennessy Advisors during the 2nd quarter valued at $201,000. Finally, Empowered Funds LLC purchased a new position in shares of Hennessy Advisors during the 2nd quarter valued at $168,000. 10.31% of the stock is currently owned by institutional investors.

About Hennessy Advisors

Hennessy Advisors, Inc is an investment management company that provides portfolio management, investment advisory and related services. Through its Hennessy Funds business, the company offers a range of investment products designed for individual investors, financial professionals and institutions.

The company’s offerings have included actively managed mutual funds and exchange-traded funds covering equities, fixed income and specialized investment strategies. Its portfolios may focus on areas such as large- and small-capitalization companies, financial services, technology, utilities, international markets and other targeted segments.