Americans’ Pet Obsession Is Fueling Rally for a Cat Litter Stock
- Oil-Dri’s stock doubled last year, reached a record in March
- Clay miner is gaining from a boom in sales of cat litter
Sales of cat litter at US retail stores jumped almost 10% in the year ended March 23 to about $2.9 billion.
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Americans are having fewer children but taking on more pets, fueling gains for a little known stock.
Oil-Dri Corp., a miner of clay used in everything from cat litter to the production of refined cooking oils, has seen its stock double last year and hit a record in March. The Chicago-based company says cat litter sales are increasing about 3.5% to 4% a year, beating the pace of growth of the US population.