Is Leggett & Platt a Great Dividend Stock?

With a business built on manufacturing inner springs for mattresses and sofas -- and similarly sexy business lines like "steel rods," "sewing machines," and "van interiors" (!) -- diversified industrial manufacturer Leggett & Platt (NYSE: LEG) probably isn't the best-known stock on the stock market; it's definitely a behind-the-scenes player. But is Leggett & Platt a great dividend stock?

I'd argue that it is -- so far as that goes.

With a P/E ratio of roughly 25 and a long-term projected earnings growth rate of just 5%, Leggett & Platt won't be winning any awards from either value investors or growth investors. But if all you're really interested in is finding a stock that pays a superior dividend, and that you can depend on to keep on paying its dividend year in and year out (and maybe even growing it a bit), then I think Leggett & Platt fits the bill.

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Source Fool.com