On Tuesday Hennessy Advisors (NASDAQ:HNNA) started its trading session with the price $11.54 and closed at price of $11.2 by scoring -2.95%. Day range of the stock was $11.2 – $11.54. HNNA stock traded with total volume of 3956 shares while the average trading capacity remained 7996 shares. Earnings per share was $1.33. HNNA has total market capitalization of $83988798.
On Dec. 03, 2019, Hennessy Advisors (NASDAQ:HNNA) revealed results for the fiscal year ended September 30, 2019.
The stock market was characterized by volatility and uncertainty during our fiscal year, even as the major market indices flirted with all-time highs. In fact, in November, all three major indices (NASDAQ, S&P 500® Index, and Dow Jones Industrial Average) reached all-time highs. Year to date, the market is up well over 20%, yet headlines continue to focus on the negative news, such as trade tariffs and impeachment, said Neil Hennessy, Chairman and CEO. I believe we have a healthy economy and a fundamentally strong stock market, marked by historically low unemployment, low interest rates, moderate inflation, steady GDP growth, solid corporate earnings, and reasonable stock valuations. Most importantly, I do not see any euphoria threatening to end the current bull market, he added.
While our industry has faced many hurdles this year and actively managed U.S. mutual funds in particular have experienced net outflows, I firmly believe the future for asset managers is promising. With the increase in market volatility, I believe investors will return to active management after years of buying passive index funds. We are dedicated to navigating through industry headwinds, and we remain focused on our long term business model of pursuing acquisitions and growing organically, said Hennessy.
Despite negative industry trends, Hennessy Advisors continues to post positive earnings and generate strong operating cash flows, said Teresa Nilsen, President and COO. During the year, we strategically deployed a portion of our cash to increase our dividend for the 14th time and to repurchase almost 6% of our shares outstanding, actions we believe illustrate our commitment to delivering shareholder value, she added.
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