Dividend Stock: Oil-Dri (ODC)

Just two days ago, absorbent product maker Oil-Dri said it was raising its quarterly dividend by a penny to 16 cents a share. The dividend will be payable on Sept. 3 to stockholders of record on Aug. 20. Also worth noting is that the company continues to set new 52-week highs and has soared 45% so far in 2010.

ODC is a micro-cap stock with a market cap of about $160 million, so make sure you protect yourself with a limit order if you're looking to buy this dividend investment. Despite its small size, the high dividend yield of more than 3% makes Oil-Dri a decent income investment for your retirement money if you want to spice up your portfolio with smaller, aggressive picks. And here's a bit of trivia for you: Besides making absorbent products for the industrial, automotive and agricultural industries, Oil-Dri is the world's largest manufacturer or cat litter.

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