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NOVATO, Calif.—Thomas L. Seavey, a director at Hennessy Advisors Inc. (NASDAQ:HNNA), has sold a significant portion of the company's common stock, according to a recent SEC filing. Over a two-day period ending December 18, Seavey disposed of 8,926 shares, generating a total of $107,606. The sale comes as the stock has experienced an 8.47% decline over the past week, though InvestingPro data shows an impressive 84% year-to-date return.
The transactions occurred at a weighted average price ranging from $11.8707 to $12.0975 per share. Following these sales, Seavey retains direct ownership of 81,503 shares of Hennessy Advisors.
This development comes as part of routine insider trading activities, which are closely monitored by investors for insights into company insiders' perspectives on the firm's future performance.
In other recent news, Hennessy Advisors Inc. has seen significant developments. The investment advisory firm announced a change in its independent registered public accounting firm, with CBIZ (NYSE:CBZ) CPAs P.C. set to take over from Marcum LLP for the fiscal year ending September 30, 2025. This decision was made following Marcum's choice not to stand for reelection.
Hennessy Advisors' financial statements for the fiscal years ending September 30, 2024, and 2023, audited by Marcum, showed no adverse opinion or disclaimer of opinion, indicating a stable financial position. The company's current ratio of 13.78 reflects strong liquidity, with assets well exceeding short-term obligations.
In other developments, Hennessy Advisors has adjusted the compensation arrangements for key executives. Effective October 1, 2024, Neil J. Hennessy's quarterly incentive-based bonus decreased from 6.5% to 5.0% of the firm's pre-tax profits, while Teresa M. Nilsen saw an increase in her quarterly bonus to 5.0% and a raise in annual base salary to $375,000.
These recent changes reflect the ongoing evolution of Hennessy Advisors and its commitment to maintaining both financial stability and competitive compensation for its executives.
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