Oil-Dri Corporation of America (ODC) today announced a 3.7% dividend increase to $0.28 quarterly per share. The sorbent products maker hiked its dividend by 3.8 percent to 27 cents per share in 2021 and now has boosted its dividend for 19 straight years. The average 5 year dividend growth rate is 4.0% for ODC and the next ex-dividend date will be August 11, 2022.
The dividends declared will be payable on August 26, 2022 to stockholders of record at the close of business on August 12, 2022. The Company has paid cash dividends continuously since 1974. This declaration marks the nineteenth consecutive year Oil-Dri has increased dividends. Based on the increased declared dividend and today’s closing price of $25.51, the dividend yield on Common Stock is 4.3%.
Oil-Dri Corporation of America is engaged in developing, manufacturing and/or marketing sorbent products. While granular clay floor absorbents were Oil-Dri’s founding product, it has since diversified its portfolio to include both consumer and business to business product offerings that supply pet care, animal health, fluids purification, agricultural ingredient, sports field, industrial and automotive markets. The company's business segments are Retail and Wholesale Products Group and Business to Business Products Group. Oil-Dri, originally founded in 1941, was incorporated in 1969 and has paid cash dividends continuously since 1974.