Hennessy Advisors (NASDAQ:HNNA) Announces Earnings Results

Hennessy Advisors (NASDAQ:HNNA) posted its quarterly earnings data on Wednesday. The asset manager reported $0.25 earnings per share for the quarter, missing the consensus estimate 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 Stock Up 0.9%

NASDAQ:HNNA traded up $0.09 during trading hours on Wednesday, reaching $9.85. The company had a trading volume of 2,279 shares, compared to its average volume of 10,386. The firm has a market capitalization of $77.81 million, a PE ratio of 9.38 and a beta of 0.59. The stock has a 50-day moving average of $10.00 and a two-hundred day moving average of $9.98. Hennessy Advisors has a one year low of $8.90 and a one year high of $13.00.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded shares of Hennessy Advisors from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 11th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of “Hold”.

Insider Buying and Selling at Hennessy Advisors

In other news, CFO Kathryn Fahy sold 10,000 shares of Hennessy Advisors stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $10.00, for a total value of $100,000.00. Following the completion of the transaction, the chief financial officer owned 60,689 shares in the company, valued at approximately $606,890. The trade was a 14.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Empowered Funds LLC increased its position in Hennessy Advisors by 14.6% in the 4th quarter. Empowered Funds LLC now owns 13,192 shares of the asset manager’s stock valued at $127,000 after acquiring 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 valued at approximately $190,000. Bridgeway Capital Management LLC increased its holdings in shares of Hennessy Advisors by 9.1% in the fourth quarter. Bridgeway Capital Management LLC now owns 20,192 shares of the asset manager’s stock valued at $194,000 after purchasing an additional 1,678 shares in the last quarter. Citadel Advisors LLC acquired a new stake in shares of Hennessy Advisors in the third quarter valued at approximately $218,000. Finally, Susquehanna International Group LLP raised its position in Hennessy Advisors by 108.5% in the 3rd quarter. Susquehanna International Group LLP now owns 26,553 shares of the asset manager’s stock worth $280,000 after purchasing an additional 13,819 shares during the last quarter. 10.31% of the stock is owned by institutional investors.

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.