AMCON Distributing (DIT) Board of Directors Announces Share Buyback Program

AMCON Distributing (NYSEAMERICAN:DIT) declared that its board has authorized a stock buyback plan, which authorizes the company to buyback 5,000,000 outstanding shares on Wednesday, January 31st, EventVestor reports. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

AMCON Distributing (NYSEAMERICAN:DIT) remained flat at $$89.00 during midday trading on Thursday. 100 shares of the stock were exchanged, compared to its average volume of 662. AMCON Distributing has a 52 week low of $81.65 and a 52 week high of $113.60. The company has a market capitalization of $62.16, a P/E ratio of 18.28 and a beta of 0.29.

AMCON Distributing (NYSEAMERICAN:DIT) last posted its earnings results on Wednesday, November 8th. The company reported $1.48 earnings per share for the quarter. AMCON Distributing had a return on equity of 8.56% and a net margin of 0.47%.

The firm also recently declared a special dividend, which was paid on Monday, January 29th. Stockholders of record on Friday, January 5th were given a $0.28 dividend. This represents a dividend yield of 0.74%. The ex-dividend date was Thursday, January 4th. AMCON Distributing’s dividend payout ratio is currently 14.78%.

Separately, TheStreet upgraded AMCON Distributing from a “c+” rating to a “b” rating in a report on Wednesday, December 27th.

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About AMCON Distributing

AMCON Distributing Company (AMCON) and its subsidiaries are engaged in the wholesale distribution of consumer products in the Central, Rocky Mountain, and Southern regions of the United States. The Company has two segments: wholesale distribution segment (Wholesale segment) and retail health food segment (Retail Segment).

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