Daniel B. Steadman, Executive Vice President and Advisory Committee Member at Hennessy Advisors Inc. (NASDAQ:HNNA), recently sold shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The transactions, which took place on December 16 and 17, involved the sale of a total of 2,658 shares. The sale comes as the company demonstrates strong financial health, with InvestingPro data showing an impressive 89% year-to-date return and a solid dividend track record spanning 20 consecutive years.
The stock was sold at a weighted average price within the range of $12.70 to $13.36, amounting to a total transaction value of $35,509. Following these sales, Steadman holds 50,442 shares directly. Additionally, he indirectly owns 1,500 shares through a child. The company maintains strong fundamentals with a healthy current ratio of 13.78 and a P/E ratio of 12.5.
These transactions reflect Steadman's ongoing adjustments to his holdings in Hennessy Advisors, a firm known for its expertise in investment advice. According to InvestingPro, the company currently appears fairly valued, with additional metrics and insights available to subscribers, including 8 more exclusive ProTips.
In other recent news, Hennessy Advisors Inc., a California-based investment advisory firm, has reported significant changes in its executive compensation and accounting firm. The company announced a decrease in the quarterly incentive-based bonus for Neil J. Hennessy, a key figure in the company's leadership, from 6.5% to 5.0% of the firm's pre-tax profits. Concurrently, Teresa M. Nilsen, another executive, will see an increase in her quarterly bonus to 5.0% and a raise in annual base salary to $375,000.
In addition to these changes, Hennessy Advisors has appointed a new independent registered public accounting firm, CBIZ (NYSE:CBZ) CPAs P.C., following the decision of Marcum LLP not to stand for reelection. The company's financial statements for the fiscal years ending September 2024 and 2023, audited by Marcum, did not contain any adverse opinion or disclaimer of opinion, indicating a solid financial position.
These recent developments reflect the ongoing adjustments within Hennessy Advisors. The company's decisions are based on an objective analysis of its financial health and the strategic goals set by its leadership. It's important to note that these changes do not imply any speculation about the future performance of the company.
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