Hennessy Advisors (NASDAQ:HNNA) Share Price Crosses Below Two Hundred Day Moving Average – Time to Sell?

Hennessy Advisors, Inc. (NASDAQ:HNNA) shares passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $9.96 and traded as low as $9.86. Hennessy Advisors shares last traded at $10.07, with a volume of 5,499 shares.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered 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, Based on data from MarketBeat.com, the stock has a consensus rating of “Hold”.

Hennessy Advisors Stock Performance

The firm has a market capitalization of $79.55 million, a PE ratio of 9.68 and a beta of 0.59. The stock’s 50 day simple moving average is $9.99 and its two-hundred day simple moving average is $9.96.

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

Hennessy Advisors Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $0.60 dividend on an annualized basis and a yield of 6.0%. Hennessy Advisors’s payout ratio is 57.69%.

Institutional Trading of Hennessy Advisors

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Empowered Funds LLC raised its holdings in shares of 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 acquiring an additional 1,678 shares during the period. Evergreen Capital Management LLC purchased a new stake in shares of Hennessy Advisors in the second quarter valued at about $190,000. Bridgeway Capital Management LLC increased its position in 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 purchasing an additional 1,678 shares during the last quarter. BlackRock Inc. acquired a new stake in Hennessy Advisors during the second quarter worth about $201,000. Finally, Citadel Advisors LLC acquired a new stake in Hennessy Advisors during the third quarter worth about $218,000. 10.31% of the stock is owned by institutional investors and hedge funds.

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.