U.S. stocks lower as investors rotate out of tech ahead of Jackson Hole
Kiera Newton, a director at Hennessy Advisors Inc (NASDAQ:HNNA), which has delivered an impressive 85% return over the past year and maintains a solid dividend track record spanning 20 consecutive years, recently sold a portion of her holdings in the company. According to a filing with the Securities and Exchange Commission, Newton sold 330 shares of common stock on December 27 at a price of $12.02 per share, totaling $3,966. Following this transaction, Newton retains ownership of 12,233 shares in the investment advisory firm. The company currently trades at a P/E ratio of 12.75 and shows signs of being slightly undervalued according to InvestingPro analysis, which offers 6 additional investment tips for HNNA.
In other recent news, Hennessy Advisors Inc., a California-based investment advisory firm, has witnessed some significant developments. The company recently announced a change in its independent registered public accounting firm, with Marcum LLP not standing for reelection and CBIZ (NYSE:CBZ) CPAs P.C. taking over as the new auditor for the fiscal year ending September 30, 2025. This follows a period where there were no disagreements on matters of accounting principles, practices, or financial statement disclosure.
In addition to this, Hennessy Advisors has made adjustments to the compensation arrangements for its key executives. Notably, Neil J. Hennessy saw a decrease in his quarterly incentive-based bonus, while Teresa M. Nilsen received an increase in her quarterly bonus and a raise in her annual base salary.
These are recent developments that follow a period of strong financial performance for Hennessy Advisors, as reflected in its current ratio of 13.78, indicating strong liquidity. Moreover, the firm has a consistent dividend payment track record, further underscoring its robust financial health. These changes come amidst a backdrop of strong financial indicators, as noted by InvestingPro, and underscore the dynamic nature of the company's operations.
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