Diamond Hill Capital Management LLC Investment Advisor Buys New Position in Oil-Dri Corporation Of America $ODC

Key Points

• Diamond Hill Capital Management purchased 110,231 shares of Oil-Dri Corporation of America, valued at approximately $11.3 million and representing about 0.76% of the company.
• Oil-Dri reported quarterly earnings of $1.00 per share on revenue of $126.33 million, up from $0.80 EPS in the year-earlier quarter; institutional investors collectively own 49.01% of the stock.
• The company increased its quarterly dividend from $0.20 to $0.225 per share, equivalent to an annualized $0.90 dividend and a 1.0% yield. Analysts maintain a consensus “Buy” rating.

Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of Oil-Dri Corporation Of America (NYSE:ODC - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 110,231 shares of the specialty chemicals company's stock, valued at approximately $11,267,000. Diamond Hill Capital Management LLC Investment Advisor owned about 0.76% of Oil-Dri Corporation Of America at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of ODC. Legal & General Group Plc raised its position in shares of Oil-Dri Corporation Of America by 20.1% in the second quarter. Legal & General Group Plc now owns 1,062 shares of the specialty chemicals company's stock valued at $63,000 after buying an additional 178 shares during the last quarter. Russell Investments Group Ltd. boosted its position 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 acquiring an additional 183 shares during the last quarter. Cardinal Capital Management grew its stake in Oil-Dri Corporation Of America by 0.3% in the 4th quarter. Cardinal Capital Management now owns 87,950 shares of the specialty chemicals company's stock worth $4,304,000 after acquiring an additional 279 shares during the period. Franklin Resources Inc. grew its stake in Oil-Dri Corporation Of America by 4.1% in the 3rd quarter. Franklin Resources Inc. now owns 7,280 shares of the specialty chemicals company's stock worth $444,000 after acquiring an additional 284 shares during the period. Finally, Strs Ohio raised its holdings in Oil-Dri Corporation Of America by 5.3% in the 4th quarter. Strs Ohio now owns 8,000 shares of the specialty chemicals company's stock valued at $392,000 after acquiring an additional 400 shares during the last quarter. 49.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ODC. Weiss Ratings restated a "buy (b)" rating on shares of Oil-Dri Corporation Of America in a report on Wednesday, July 29th. Wall Street Zen downgraded Oil-Dri Corporation Of America from a "strong-buy" rating to a "buy" rating in a research report on Saturday. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, Oil-Dri Corporation Of America currently has a consensus rating of "Buy".

Oil-Dri Corporation Of America Trading Up 2.2%

Shares of ODC opened at $92.39 on Tuesday. Oil-Dri Corporation Of America has a twelve month low of $45.61 and a twelve month high of $107.00. The firm has a market capitalization of $1.34 billion, a P/E ratio of 23.75 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 stock's fifty day simple moving average is $97.31 and its 200 day simple moving average is $79.15.

Oil-Dri Corporation Of America (NYSE:ODC - Get Free Report) last announced its quarterly earnings results on Monday, June 8th. The specialty chemicals company reported $1.00 EPS for the quarter. The company had revenue of $126.33 million during 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 prior year, the company earned $0.80 earnings per share.

Oil-Dri Corporation Of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Friday, August 7th will be given a dividend of $0.225 per share. This is a boost from Oil-Dri Corporation Of America's previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Friday, August 7th. This represents a $0.90 dividend on an annualized basis and a yield of 1.0%. Oil-Dri Corporation Of America's dividend payout ratio is currently 23.14%.

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.

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