AMCON Distributing (NYSEAMERICAN:DIT) Stock Price Breaks Above 50 Day Moving Average – Here’s Why

Shares of AMCON Distributing Company (NYSEAMERICAN:DIT) crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $67.13 and traded as high as $69.40. AMCON Distributing shares last traded at $67.73, with a volume of 4,667 shares traded.

AMCON Distributing Trading Down 5.6%

The company has a 50 day moving average of $66.88 and a 200 day moving average of $75.23. The stock has a market capitalization of $63.84 million, a price-to-earnings ratio of 34.34 and a beta of -0.23. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.05 and a current ratio of 2.75.

AMCON Distributing (NYSEAMERICAN:DIT) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $2.85 earnings per share for the quarter. AMCON Distributing had a net margin of 0.06% and a return on equity of 1.58%. The firm had revenue of $835.34 million for the quarter.

AMCON Distributing Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Friday, August 7th. AMCON Distributing’s payout ratio is currently 6.69%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its stake in shares of AMCON Distributing by 49.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,583 shares of the company’s stock valued at $2,842,000 after purchasing an additional 10,393 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of AMCON Distributing by 50.0% in the first quarter. Renaissance Technologies LLC now owns 14,001 shares of the company’s stock valued at $1,260,000 after purchasing an additional 4,666 shares in the last quarter. Finally, Empowered Funds LLC grew its stake in shares of AMCON Distributing by 59.2% in the first quarter. Empowered Funds LLC now owns 4,790 shares of the company’s stock worth $426,000 after acquiring an additional 1,782 shares in the last quarter. 11.14% of the stock is currently owned by institutional investors and hedge funds.

AMCON Distributing Company Profile

AMCON Distributing Company is a wholesale distributor of consumer products serving convenience stores, tobacco outlets, grocery stores, drugstores, liquor stores, and other retail businesses. Its product portfolio includes cigarettes and other tobacco products, cigars, candy, snacks, beverages, groceries, paper products, health and beauty items, general merchandise, and foodservice supplies.

The company serves customers across portions of the Midwest, Great Plains, Rocky Mountain, and Southeastern regions of the United States through a network of distribution facilities.