Victory Capital Management Inc. Buys 18,693 Shares of Oil-Dri Corporation Of America (NYSE:ODC)

Key Points

• Victory Capital Management Inc. increased its stake in Oil-Dri Corporation Of America by 69.8%, owning a total of 45,486 shares worth approximately $2.09 million.
• Other institutional investors, including Allspring Global Investments and Bank of New York Mellon, also significantly boosted their positions in Oil-Dri during the first quarter, indicating strong interest in the company.
• Oil-Dri Corporation Of America announced an increase in its quarterly dividend from $0.16 to $0.18 per share, reflecting a positive outlook for the firm.

Victory Capital Management Inc. grew its stake in Oil-Dri Corporation Of America (NYSE:ODC - Free Report) by 69.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,486 shares of the specialty chemicals company's stock after acquiring an additional 18,693 shares during the period. Victory Capital Management Inc. owned 0.31% of Oil-Dri Corporation Of America worth $2,089,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of ODC. Trust Co. of Vermont grew its holdings in Oil-Dri Corporation Of America by 100.0% during the first quarter. Trust Co. of Vermont now owns 600 shares of the specialty chemicals company's stock worth $28,000 after purchasing an additional 300 shares during the period. New York State Teachers Retirement System grew its holdings in Oil-Dri Corporation Of America by 98.0% during the first quarter. New York State Teachers Retirement System now owns 891 shares of the specialty chemicals company's stock worth $41,000 after purchasing an additional 441 shares during the period. Tower Research Capital LLC TRC grew its holdings in Oil-Dri Corporation Of America by 973.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,157 shares of the specialty chemicals company's stock worth $189,000 after purchasing an additional 1,956 shares during the period. Mariner LLC bought a new position in Oil-Dri Corporation Of America during the fourth quarter worth about $222,000. Finally, Two Sigma Advisers LP bought a new position in Oil-Dri Corporation Of America during the fourth quarter worth about $228,000. Institutional investors own 49.01% of the company's stock.

Insider Transactions at Oil-Dri Corporation Of America

In other news, Director Amy Ryan sold 1,000 shares of the business's stock in a transaction that occurred on 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 sale, the director owned 2,900 shares in the company, valued at $175,798. The trade was a 25.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ellen-Blair Chube sold 2,500 shares of the business'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 sale, the director owned 9,320 shares of the company's stock, valued at approximately $520,335.60. This represents a 21.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,000 shares of company stock worth $354,570 over the last quarter. Company insiders own 11.66% of the company's stock.

Analyst Upgrades and Downgrades

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

Oil-Dri Corporation Of America Stock Performance

Oil-Dri Corporation Of America stock traded down $0.74 during midday trading on Friday, reaching $55.66. 22,684 shares of the company's stock were exchanged, compared to its average volume of 46,363. Oil-Dri Corporation Of America has a 52 week low of $31.11 and a 52 week high of $63.82. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.85 and a current ratio of 2.83. The firm has a market cap of $814.86 million, a price-to-earnings ratio of 16.37 and a beta of 0.65. The stock's 50-day simple moving average is $56.72 and its 200 day simple moving average is $48.60.

Oil-Dri Corporation Of America (NYSE:ODC - Get Free Report) last issued its quarterly earnings data 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 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. Stockholders of record on Friday, August 8th will be issued a dividend of $0.18 per share. This is a boost from Oil-Dri Corporation Of America's previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Friday, August 8th. Oil-Dri Corporation Of America's dividend payout ratio is presently 18.24%.

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.