Leggett & Platt (NYSE:LEG) has been around since the 1880s rewarding shareholders along the way. L&P designs and manufactures a wide variety of home furnishings including bedding, furniture, flooring, and textiles.
L&P also has a wider diversification on end markets than one would expect. With ~60% of Q1 sales coming from consumer durables, 20% from commercial/industrial clients, and the remaining 20% from the automotive market.
L&P has transformed itself over time from its humble beginnings for an improved bedspring. L&P now offers a wide array of products and surprisingly enough has their wares in ~80% of automobiles manufactured in North America and Europe.
L&P is targeting 6-9% annual revenue growth through organic growth as well as acquisitions. That would be a marked increase from the prior decade that saw sales climb only 3.5% annually.
With L&P’s share price continuing to struggle, currently 33% off its high from mid-2021, I felt it was time to re-examine this Dividend King.