Oil-Dri Corporation Of America (NYSE:ODC) Trading 8.7% Higher – Here’s What Happened

Shares of Oil-Dri Corporation Of America (NYSE:ODC) rose 8.7% during trading on Tuesday . The company traded as high as $93.76 and last traded at $91.2780. Approximately 25,011 shares traded hands during trading, a decline of 64% from the average daily volume of 68,804 shares. The stock had previously closed at $83.99.

Analyst Upgrades and Downgrades

ODC has been the subject of a number of analyst reports. Wall Street Zen lowered shares of Oil-Dri Corporation Of America from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings raised shares of Oil-Dri Corporation Of America from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, Oil-Dri Corporation Of America has an average rating of “Buy”.

Oil-Dri Corporation Of America Stock Up 14.4%

The company has a market cap of $1.39 billion, a price-to-earnings ratio of 26.12 and a beta of 0.82. The company has a current ratio of 3.45, a quick ratio of 2.40 and a debt-to-equity ratio of 0.14. The business has a fifty day moving average price of $73.99 and a two-hundred day moving average price of $63.38.

Oil-Dri Corporation Of America (NYSE:ODC) last issued its earnings results on Monday, June 8th. The specialty chemicals company reported $1.00 earnings per share for the quarter. The company had revenue of $126.33 million for the quarter. Oil-Dri Corporation Of America had a return on equity of 20.18% and a net margin of 11.01%.During the same quarter in the prior year, the company earned $0.80 EPS.

Oil-Dri Corporation Of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Friday, August 7th will be issued a $0.225 dividend. This is an increase from Oil-Dri Corporation Of America’s previous quarterly dividend of $0.21. This represents a $0.90 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Friday, August 7th. Oil-Dri Corporation Of America’s dividend payout ratio is currently 22.22%.

Insider Buying and Selling

In related news, Director Paul Hindsley sold 6,000 shares of the stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $63.90, for a total value of $383,400.00. Following the transaction, the director owned 11,000 shares in the company, valued at approximately $702,900. This represents a 35.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ellen-Blair Chube sold 1,390 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $73.06, for a total value of $101,553.40. Following the completion of the transaction, the director owned 8,930 shares in the company, valued at $652,425.80. This represents a 13.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 11.69% of the company’s stock.

Hedge Funds Weigh In On Oil-Dri Corporation Of America

Hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its holdings in Oil-Dri Corporation Of America by 57.4% in the second quarter. Russell Investments Group Ltd. now owns 502 shares of the specialty chemicals company’s stock worth $30,000 after buying an additional 183 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Oil-Dri Corporation Of America during the second quarter valued at approximately $45,000. Fifth Third Bancorp acquired a new position in Oil-Dri Corporation Of America during the first quarter valued at approximately $54,000. Legal & General Group Plc grew its holdings in Oil-Dri Corporation Of America by 20.1% during the second quarter. Legal & General Group Plc now owns 1,062 shares of the specialty chemicals company’s stock valued at $63,000 after purchasing an additional 178 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co acquired a new position in Oil-Dri Corporation Of America during the third quarter valued at approximately $96,000. Institutional investors and hedge funds own 49.01% of the company’s stock.

About Oil-Dri Corporation Of America

Oil-Dri Corporation of America is a specialty materials company that develops, manufactures and markets sorbent and filtration products for industrial, environmental and consumer applications. Its flagship offerings include clay- and diatomaceous earth–based cat litters, calcium silicate absorbents for spill control and cleanup, and purification media designed to remove contaminants from petroleum, chemical and food-processing streams.

Founded in 1941 and headquartered in Chicago, Illinois, the company has evolved from a single-product operation into a diversified provider of mineral- and chemical-based solutions.