Palm Valley Capital Management, an investment management firm, released “Palm Valley Capital Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, Palm Valley Capital Fund returned 1.62% compared to a 3.38% rise for the S&P SmallCap 600 Index and a 5.60% return for the Morningstar Small Cap Index. The fund’s securities returned 4.78% before fees and the impact of cash during the quarter. Also, the fund ended the period with 82% held in cash equivalents. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Palm Valley Capital Fund highlighted stocks like Oil-Dri Corporation of America (NYSE:ODC) in the second quarter 2023 investor letter. Headquartered in Chicago, Illinois, Oil-Dri Corporation of America (NYSE:ODC) is a sorbent products manufacturer and distributor. On July 5, 2023, Oil-Dri Corporation of America (NYSE:ODC) stock closed at $60.66 per share. One-month return of Oil-Dri Corporation of America (NYSE:ODC) was 49.59%, and its shares gained 99.34% of their value over the last 52 weeks. Oil-Dri Corporation of America (NYSE:ODC)has a market capitalization of $433.689 million.
Palm Valley Capital Fund made the following comment about Oil-Dri Corporation of America (NYSE:ODC) in its second quarter 2023 investor letter:
“During the second quarter, the Fund fully exited three positions. Oil-Dri Corporation of America (NYSE:ODC) was sold after the stock exceeded our valuation. The three securities contributing most to the Fund’s second quarter return were Crawford & Co. (tickers: CRD.A, CRB.B), Oil Dri, and TrueBlue.
Oil-Dri Corporation of America, producer of sorbent mineral products, was also a top contributor during the quarter. Fiscal third quarter revenues reached an all-time high of $105 million, increasing 23%, while earnings per share rose to $1.94 from $0.35. Operating results benefited from higher selling prices and a decline in the cost of natural gas used in its manufacturing process. Trends improved in all divisions, including cat litter, fluids purification, and agricultural products.”
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Oil-Dri Corporation of America (NYSE:ODC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 7 hedge fund portfolios held Oil-Dri Corporation of America (NYSE:ODC) at the end of first quarter which was 3 in the previous quarter.
We discussed Oil-Dri Corporation of America (NYSE:ODC) in another article and shared Diamond Hill Capital’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
