Hennessy Advisors (NASDAQ:HNNA) Upgraded at Weiss Ratings

Weiss Ratings upgraded shares of Hennessy Advisors (NASDAQ:HNNA) from a hold (c) rating to a buy (b-) rating in a research note issued to investors on Saturday,Weiss Ratings reports.

Hennessy Advisors Stock Up 0.1%

NASDAQ:HNNA opened at $9.55 on Friday. The firm’s 50 day simple moving average is $10.89 and its 200 day simple moving average is $11.17. The company has a debt-to-equity ratio of 0.41, a current ratio of 15.58 and a quick ratio of 15.58. Hennessy Advisors has a one year low of $8.43 and a one year high of $13.88. The company has a market cap of $74.39 million, a PE ratio of 7.64 and a beta of 0.71.

Hennessy Advisors (NASDAQ:HNNA) last posted its earnings results on Wednesday, August 6th. The asset manager reported $0.26 EPS for the quarter. Hennessy Advisors had a net margin of 27.55% and a return on equity of 10.48%.

Hennessy Advisors Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Wednesday, August 20th were given a dividend of $0.1375 per share. The ex-dividend date was Wednesday, August 20th. This represents a $0.55 annualized dividend and a yield of 5.8%. Hennessy Advisors’s dividend payout ratio (DPR) is currently 44.00%.

Insider Buying and Selling

In other news, Director Thomas L. Seavey sold 2,603 shares of the business’s stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $10.63, for a total value of $27,669.89. Following the transaction, the director owned 50,424 shares in the company, valued at approximately $536,007.12. The trade was a 4.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 20,398 shares of company stock worth $219,216. 37.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC lifted its position in shares of Hennessy Advisors by 2.0% in the 2nd quarter. Geode Capital Management LLC now owns 51,894 shares of the asset manager’s stock worth $654,000 after purchasing an additional 1,014 shares during the period. Bridgeway Capital Management LLC grew its holdings in Hennessy Advisors by 6.7% during the 2nd quarter. Bridgeway Capital Management LLC now owns 17,060 shares of the asset manager’s stock worth $215,000 after acquiring an additional 1,072 shares during the period. Redhawk Wealth Advisors Inc. raised its position in shares of Hennessy Advisors by 1.8% in the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 68,600 shares of the asset manager’s stock worth $864,000 after acquiring an additional 1,204 shares in the last quarter. Evergreen Capital Management LLC bought a new position in shares of Hennessy Advisors in the 2nd quarter worth about $190,000. Finally, Truffle Hound Capital LLC bought a new position in shares of Hennessy Advisors in the 2nd quarter worth about $556,000. Institutional investors and hedge funds own 10.31% of the company’s stock.

About Hennessy Advisors

Hennessy Advisors, Inc is an employee owned investment manager. It provides its services to Hennessy Funds and investment companies. The firm launches and manages equity, fixed income, and balanced mutual funds. It invests in the public equity and fixed income markets across the globe. The firm primarily invests in growth stocks of companies.