Thomas L. Seavey, a director at Hennessy Advisors Inc. (NASDAQ:HNNA), sold 11,074 shares of the company's common stock on December 19, 2024. The transaction comes as the company's stock has shown remarkable strength, delivering a 92% return over the past year, despite a recent 13% pullback over the last week. According to InvestingPro analysis, HNNA currently appears undervalued. The shares were sold at an average price of $11.4426 each, totaling approximately $126,715. Following this transaction, Seavey holds 70,429 shares in the company. The transaction was carried out as part of a direct ownership arrangement. The company maintains strong fundamentals with a healthy current ratio of 13.78 and has maintained dividend payments for 20 consecutive years. InvestingPro subscribers can access 6 additional investment tips for HNNA.
In other recent news, Hennessy Advisors Inc. has undergone significant changes in its business operations. The company recently appointed CBIZ (NYSE:CBZ) CPAs P.C. as their new auditor for the fiscal year ending September 30, 2025, following the decision of Marcum LLP not to stand for reelection. This transition was smooth, with no disagreements or reportable events during Marcum's tenure.
In addition, Hennessy Advisors adjusted the compensation arrangements for key executives. Effective October 1, 2024, Neil J. Hennessy saw a reduction in his quarterly incentive-based bonus from 6.5% to 5.0% of the firm's pre-tax profits. Conversely, Teresa M. Nilsen received an increase in her quarterly bonus to 5.0% and a raise in annual base salary to $375,000. These changes are part of the amendments to their respective employment agreements.
The company's Chief Financial Officer and Senior Vice President, Kathryn R. Fahy, also saw an adjustment to her annual base salary, which increased to $275,000 starting October 1, 2024. These recent developments highlight Hennessy Advisors' commitment to strategic adjustments in its business operations.
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