Oil-Dri Co. of America (NYSE:ODC) Position Reduced by Morgan Dempsey Capital Management LLC
Morgan Dempsey Capital Management LLC reduced its position in shares of Oil-Dri Co. of America (NYSE:ODC) by 4.1% during the second quarter, Holdings Channel reports. The institutional investor owned 14,697 shares of the specialty chemicals company’s stock after selling 634 shares during the period. Morgan Dempsey Capital Management LLC’s holdings in Oil-Dri Co. of America were worth $617,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Russell Investments Group Ltd. boosted its stake in shares of Oil-Dri Co. of America by 16.1% in the second quarter. Russell Investments Group Ltd. now owns 9,911 shares of the specialty chemicals company’s stock worth $417,000 after buying an additional 1,377 shares in the last quarter. Cardinal Capital Management boosted its stake in shares of Oil-Dri Co. of America by 15.3% in the second quarter. Cardinal Capital Management now owns 30,061 shares of the specialty chemicals company’s stock worth $1,263,000 after buying an additional 3,994 shares in the last quarter. Finally, Algert Global LLC purchased a new stake in shares of Oil-Dri Co. of America during the second quarter worth approximately $217,000. Hedge funds and other institutional investors own 53.74% of the company’s stock.
Shares of Oil-Dri Co. of America (ODC) opened at 40.10 on Thursday. The firm has a 50-day moving average of $41.58 and a 200-day moving average of $37.96. The firm has a market cap of $292.57 million, a PE ratio of 20.02 and a beta of 1.08. Oil-Dri Co. of America has a 52 week low of $31.35 and a 52 week high of $43.84.
Oil-Dri Co. of America (NYSE:ODC) last posted its quarterly earnings results on Wednesday, June 7th. The specialty chemicals company reported $0.44 earnings per share for the quarter. The company had revenue of $64.75 million during the quarter. Oil-Dri Co. of America had a net margin of 4.96% and a return on equity of 10.34%.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $0.92 annualized dividend and a yield of 2.29%. This is a positive change from Oil-Dri Co. of America’s previous quarterly dividend of $0.22. Oil-Dri Co. of America’s dividend payout ratio is presently 43.56%.
Separately, BidaskClub cut shares of Oil-Dri Co. of America from a “buy” rating to a “hold” rating in a research note on Monday, July 24th.
In related news, Director Allan H. Selig purchased 1,000 shares of Oil-Dri Co. of America stock in a transaction that occurred on Friday, July 21st. The stock was bought at an average price of $43.51 per share, for a total transaction of $43,510.00. Following the completion of the transaction, the director now owns 30,500 shares in the company, valued at $1,327,055. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 13.86% of the stock is currently owned by corporate insiders.
Oil-Dri Co. of America Company Profile
Oil-Dri Corporation of America is engaged in developing, manufacturing and/or marketing sorbent products. The Company operates through two segments: Retail and Wholesale Products Group, and Business to Business Products Group. The Retail and Wholesale Products Group’s customers include mass merchandisers, wholesale clubs, drugstore chains, dollar stores, distributors of industrial cleanup and automotive products, environmental service companies and sports field product users.
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