Oil-Dri Corporation Of America (NYSE:ODC) Short Interest Update

Key Points

• Short interest fell 18.5% to 363,345 shares as of April 15, implying a 6.1 days-to-cover ratio and about 2.8% of shares sold short.
• Quarterly dividend announced: $0.205 per share (annualized $0.82) with an ex-dividend date of May 8 and payment on May 22, for a yield of roughly 1.1%.
• Mixed insider and institutional activity: two directors sold stock (corporate insiders now own 11.69%), while institutional investors like Needham, Goldman Sachs, Two Sigma and Millennium increased positions and Wall Street Zen upgraded ODC to a Buy.

Oil-Dri Corporation Of America (NYSE:ODC - Get Free Report) was the recipient of a large decrease in short interest during the month of April. As of April 15th, there was short interest totaling 363,345 shares, a decrease of 18.5% from the March 31st total of 445,890 shares. Based on an average trading volume of 59,585 shares, the days-to-cover ratio is presently 6.1 days. Approximately 2.8% of the company's shares are sold short.

Oil-Dri Corporation Of America Stock Up 0.8%

Shares of ODC traded up $0.59 during mid-day trading on Thursday, reaching $73.03. The company's stock had a trading volume of 38,110 shares, compared to its average volume of 49,470. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.45 and a quick ratio of 2.40. Oil-Dri Corporation Of America has a 12-month low of $41.50 and a 12-month high of $75.41. The stock has a market cap of $1.06 billion, a PE ratio of 19.79 and a beta of 0.79. The company's 50 day moving average is $67.37 and its 200 day moving average is $59.83.

Oil-Dri Corporation Of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Friday, May 8th will be given a dividend of $0.205 per share. The ex-dividend date is Friday, May 8th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 1.1%. Oil-Dri Corporation Of America's payout ratio is 22.22%.

Insider Activity at Oil-Dri Corporation Of America

In other Oil-Dri Corporation Of America news, Director Paul Hindsley sold 6,000 shares of Oil-Dri Corporation Of America stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $63.90, for a total value of $383,400.00. Following the completion of the transaction, the director directly owned 11,000 shares of the company's stock, valued at $702,900. The trade was a 35.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ellen-Blair Chube sold 1,390 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $73.06, for a total transaction of $101,553.40. Following the sale, the director owned 8,930 shares in the company, valued at approximately $652,425.80. This trade represents a 13.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 11.69% of the company's stock.

Institutional Trading of Oil-Dri Corporation Of America

A number of large investors have recently made changes to their positions in the company. Needham Investment Management LLC lifted its stake in Oil-Dri Corporation Of America by 10.7% in the fourth quarter. Needham Investment Management LLC now owns 635,000 shares of the specialty chemicals company's stock valued at $31,077,000 after buying an additional 61,500 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Oil-Dri Corporation Of America by 122.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 87,725 shares of the specialty chemicals company's stock valued at $4,028,000 after purchasing an additional 48,309 shares during the last quarter. Two Sigma Investments LP boosted its stake in Oil-Dri Corporation Of America by 111.8% during the 3rd quarter. Two Sigma Investments LP now owns 85,798 shares of the specialty chemicals company's stock worth $5,237,000 after purchasing an additional 45,294 shares during the period. Millennium Management LLC boosted its stake in Oil-Dri Corporation Of America by 75.2% during the 3rd quarter. Millennium Management LLC now owns 99,213 shares of the specialty chemicals company's stock worth $6,056,000 after purchasing an additional 42,572 shares during the period. Finally, American Century Companies Inc. grew its position in Oil-Dri Corporation Of America by 9.6% during the 3rd quarter. American Century Companies Inc. now owns 401,152 shares of the specialty chemicals company's stock worth $24,486,000 after purchasing an additional 35,302 shares during the last quarter. 49.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ODC. Wall Street Zen upgraded Oil-Dri Corporation Of America from a "hold" rating to a "buy" rating in a research note on Saturday, April 25th. Weiss Ratings reissued a "buy (b-)" rating on shares of Oil-Dri Corporation Of America in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy".

Oil-Dri Corporation Of America Company 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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