Barnett & Company Inc. Makes New $271,000 Investment in Oil-Dri Corporation Of America (NYSE:ODC)

Key Points

• Barnett & Company Inc. has acquired a new stake in Oil-Dri Corporation Of America, purchasing 5,900 shares valued at approximately $271,000.
• Several institutional investors, including Invesco Ltd. and Deutsche Bank AG, have significantly increased their holdings in Oil-Dri Corporation during the first quarter.
• Oil-Dri Corporation announced a quarterly dividend increase from $0.16 to $0.18 per share, reflecting an annualized yield of 1.2%.

Barnett & Company Inc. bought a new stake in shares of Oil-Dri Corporation Of America (NYSE:ODC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,900 shares of the specialty chemicals company's stock, valued at approximately $271,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ODC. Vanguard Group Inc. raised its holdings in shares of Oil-Dri Corporation Of America by 119.3% in the first quarter. Vanguard Group Inc. now owns 612,195 shares of the specialty chemicals company's stock worth $28,112,000 after buying an additional 333,053 shares during the last quarter. Royce & Associates LP raised its holdings in shares of Oil-Dri Corporation Of America by 102.4% in the first quarter. Royce & Associates LP now owns 336,000 shares of the specialty chemicals company's stock worth $15,429,000 after buying an additional 170,000 shares during the last quarter. Bard Associates Inc. raised its holdings in shares of Oil-Dri Corporation Of America by 97.4% in the first quarter. Bard Associates Inc. now owns 113,881 shares of the specialty chemicals company's stock worth $5,229,000 after buying an additional 56,177 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Oil-Dri Corporation Of America by 103.3% in the first quarter. Bank of New York Mellon Corp now owns 97,052 shares of the specialty chemicals company's stock worth $4,457,000 after buying an additional 49,312 shares during the last quarter. Finally, Cardinal Capital Management increased its stake in shares of Oil-Dri Corporation Of America by 99.9% in the first quarter. Cardinal Capital Management now owns 95,433 shares of the specialty chemicals company's stock worth $4,382,000 after acquiring an additional 47,683 shares during the period. Hedge funds and other institutional investors own 49.01% of the company's stock.

Oil-Dri Corporation Of America Stock Performance

ODC stock traded down $1.97 during midday trading on Thursday, hitting $60.08. 57,839 shares of the stock traded hands, compared to its average volume of 65,838. The stock's fifty day simple moving average is $58.52 and its 200-day simple moving average is $49.68. Oil-Dri Corporation Of America has a 1-year low of $32.06 and a 1-year high of $63.82. The firm has a market cap of $879.54 million, a P/E ratio of 17.67 and a beta of 0.67. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.83 and a quick ratio of 1.85.

Oil-Dri Corporation Of America (NYSE:ODC - Get Free Report) last announced its earnings results on Thursday, June 5th. The specialty chemicals company reported $0.80 earnings per share (EPS) for the quarter. Oil-Dri Corporation Of America had a net margin of 10.44% and a return on equity of 21.57%. The business had revenue of $115.50 million for the quarter.

Oil-Dri Corporation Of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Friday, August 8th will be paid a $0.18 dividend. This is an increase from Oil-Dri Corporation Of America's previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, August 8th. Oil-Dri Corporation Of America's payout ratio is 21.18%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered shares of Oil-Dri Corporation Of America from a "strong-buy" rating to a "buy" rating in a research report on Sunday, June 22nd.

Insider Transactions at Oil-Dri Corporation Of America

In other news, Director Ellen-Blair Chube sold 2,500 shares of the firm's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $55.83, for a total value of $139,575.00. Following the transaction, the director directly owned 9,320 shares of the company's stock, valued at approximately $520,335.60. This trade represents a 21.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Amy Ryan sold 1,000 shares of the firm's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $60.62, for a total transaction of $60,620.00. Following the completion of the transaction, the director directly owned 2,900 shares in the company, valued at approximately $175,798. This represents a 25.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,000 shares of company stock valued at $354,570. Corporate insiders own 11.66% of the company's stock.

About Oil-Dri Corporation Of America

Oil-Dri Corporation of America is a manufacturer and supplier of specialty sorbent products for the pet care, animal health and nutrition, fluids purification, agricultural ingredients, sports field, industrial and automotive markets. It operates through the Business to Business Products Group and Retail and Wholesale Products Group segments.