BlackRock Inc. Acquires Shares of 829,295 Oil-Dri Corporation Of America $ODC

Key Points

• BlackRock acquired 829,295 shares of Oil-Dri Corporation of America in the second quarter, valued at approximately $84.8 million and representing a 5.72% stake.
• Institutional investors own 49.01% of ODC, while analyst sentiment remains positive with the stock carrying an average “Buy” rating.
• Oil-Dri reported quarterly EPS of $1.00 on $126.33 million in revenue and raised its quarterly dividend to $0.225, equivalent to a $0.90 annual payout and a 1.0% yield.

BlackRock Inc. bought a new position in shares of Oil-Dri Corporation Of America (NYSE:ODC - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund bought 829,295 shares of the specialty chemicals company's stock, valued at approximately $84,762,000. BlackRock Inc. owned 5.72% of Oil-Dri Corporation Of America at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Russell Investments Group Ltd. increased its holdings in Oil-Dri Corporation Of America by 57.4% during 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. Trust Co. of Vermont purchased a new position in Oil-Dri Corporation Of America in the second quarter valued at about $61,000. Raymond James Financial Inc. bought a new position in shares of Oil-Dri Corporation Of America during the 2nd quarter valued at approximately $45,000. Fifth Third Bancorp bought a new position in shares of Oil-Dri Corporation Of America during the 1st quarter valued at approximately $54,000. Finally, Legal & General Group Plc increased its stake in shares of Oil-Dri Corporation Of America by 20.1% during the 2nd quarter. Legal & General Group Plc now owns 1,062 shares of the specialty chemicals company's stock worth $63,000 after purchasing an additional 178 shares during the last quarter. 49.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ODC has been the topic of several research reports. Wall Street Zen lowered Oil-Dri Corporation Of America from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 15th. Weiss Ratings reiterated a "buy (b)" rating on shares of Oil-Dri Corporation Of America in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Oil-Dri Corporation Of America currently has an average rating of "Buy".

Oil-Dri Corporation Of America Stock Up 0.1%

Oil-Dri Corporation Of America stock opened at $91.65 on Friday. Oil-Dri Corporation Of America has a 1-year low of $45.61 and a 1-year high of $107.00. The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of 23.56 and a beta of 0.78. The company has a current ratio of 3.28, a quick ratio of 2.40 and a debt-to-equity ratio of 0.14. The firm has a 50 day simple moving average of $96.69 and a 200 day simple moving average of $80.92.

Oil-Dri Corporation Of America (NYSE:ODC - Get Free Report) last released its quarterly earnings data on Monday, June 8th. The specialty chemicals company reported $1.00 earnings per share (EPS) 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 20.53% and a net margin of 11.35%.During the same quarter in the previous year, the firm posted $0.80 earnings per share.

Oil-Dri Corporation Of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 7th were issued a $0.225 dividend. The ex-dividend date of this dividend was Friday, August 7th. This is a positive change from Oil-Dri Corporation Of America's previous quarterly dividend of $0.20. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.0%. Oil-Dri Corporation Of America's payout ratio is currently 23.14%.

Oil-Dri Corporation Of America Profile

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.

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