Leggett & Platt Raises Quarterly Dividend To Extend 46-year Streak

By Tomi KilgoreMarketsMarketWatch Pulse

Leggett & Platt Inc. said Tuesday that it raised its quarterly dividend by 5.9% to 36 cents a share from 34 cents a share. The new dividend will be payable July 14 to shareholders of record on June 15. Shares of the diversified manufacturer edged up less than 0.1% to $53.47. At that price, the new annual dividend rate implies a dividend yield of 2.69%, compared with the S&P 500 dividend yield of 2.01%, according to FactSet. The company said it has now raised its annual dividend for 46 consecutive years. Separately, the company said shareholders elected Tuesday the nine nominees to directors that were proposed by the board. The stock has rallied 9.4% year to date, while the S&P 500 has gained 7.2%.

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