Royce & Associates LP Has $15.43 Million Stake in Oil-Dri Corporation Of America (NYSE:ODC)

Key Points

• Royce & Associates LP increased its holdings in Oil-Dri Corporation of America by 102.4% in Q1, acquiring a total of 336,000 shares valued at approximately $15.4 million.
• Oil-Dri Corporation recently declared a quarterly dividend of $0.18 per share, up from $0.16, with an annualized yield of 1.21% and a dividend payout ratio of 18.24%.
• A recent analysis downgraded Oil-Dri Corporation's stock from a "strong-buy" to a "buy" rating, indicating a shift in investor sentiment.

Royce & Associates LP increased its stake in shares of Oil-Dri Corporation Of America (NYSE:ODC - Free Report) by 102.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 336,000 shares of the specialty chemicals company's stock after acquiring an additional 170,000 shares during the period. Royce & Associates LP owned 2.30% of Oil-Dri Corporation Of America worth $15,429,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Diamond Hill Capital Management Inc. increased its holdings in shares of Oil-Dri Corporation Of America by 42.1% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 139,092 shares of the specialty chemicals company's stock valued at $6,387,000 after acquiring an additional 41,212 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Oil-Dri Corporation Of America during the 1st quarter valued at approximately $294,000. Foundry Partners LLC boosted its stake in Oil-Dri Corporation Of America by 67.4% during the 1st quarter. Foundry Partners LLC now owns 61,895 shares of the specialty chemicals company's stock valued at $2,842,000 after purchasing an additional 24,929 shares during the period. Forum Financial Management LP boosted its stake in Oil-Dri Corporation Of America by 100.0% during the 1st quarter. Forum Financial Management LP now owns 13,030 shares of the specialty chemicals company's stock valued at $598,000 after purchasing an additional 6,515 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in Oil-Dri Corporation Of America by 69.8% during the 1st quarter. Victory Capital Management Inc. now owns 45,486 shares of the specialty chemicals company's stock valued at $2,089,000 after purchasing an additional 18,693 shares during the period. Institutional investors and hedge funds own 49.01% of the company's stock.

Insiders Place Their Bets

In other Oil-Dri Corporation Of America news, Director Ellen-Blair Chube sold 2,500 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $55.83, for a total value of $139,575.00. Following the completion of the sale, the director owned 9,320 shares in the company, valued at approximately $520,335.60. This trade represents a 21.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Christopher B. Lamson sold 2,500 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $61.75, for a total value of $154,375.00. Following the completion of the sale, the vice president owned 11,453 shares of the company's stock, valued at $707,222.75. This represents a 17.92% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,000 shares of company stock worth $354,570. 11.66% of the stock is currently owned by company insiders.

Oil-Dri Corporation Of America Stock Performance

NYSE:ODC traded down $0.84 during mid-day trading on Monday, hitting $58.38. 16,531 shares of the company's stock traded hands, compared to its average volume of 46,285. The firm has a 50 day moving average of $56.03 and a two-hundred day moving average of $48.26. Oil-Dri Corporation Of America has a 12 month low of $30.99 and a 12 month high of $63.82. The firm has a market capitalization of $854.57 million, a price-to-earnings ratio of 17.17 and a beta of 0.65. The company has a current ratio of 2.83, a quick ratio of 1.85 and a debt-to-equity ratio of 0.16.

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

Oil-Dri Corporation Of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Friday, August 8th will be given a $0.18 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.23%. This is an increase from Oil-Dri Corporation Of America's previous quarterly dividend of $0.16. Oil-Dri Corporation Of America's dividend payout ratio (DPR) is currently 21.18%.

Wall Street Analyst Weigh In

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

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.