Dividend Aristocrat Leggett & Platt (LEG) will raise its quarterly dividend by 5 percent to 42 cents per share in 2021. This comes after a dividend hike of 5.3 percent to $0.40 per share announced in the second quarter of 2019. This marks the 50th consecutive year of dividend increases.

The next dividend will be paid on July 15, 2021 to shareholders of record on June 15, 2021. At an annual indicated dividend of $1.68 per share, the yield is 3.3%, based upon a closing stock price of $50.90 per share.

Chairman and CEO Karl Glassman commented: "We are also very pleased to be increasing our dividend for the 50th consecutive year, honoring our ongoing commitment to return value to our shareholders. As a result of this commitment over many decades, next year we will become a member of a select group of companies referred to as Dividend Kings.

Leggett & Platt, Incorporated is a manufacturer of engineered components and products found in homes, offices, automobiles and commercial aircraft. The company’s products include  steel coiled bedsprings, components and finished products for the office seating market, automotive seating components and tubing for the aerospace industry, specialized machinery and equipment, and service van interiors. Leggett & Platt operates in four segments: Residential Furnishings, Commercial Products, Industrial Materials and Specialized Products. Its brands include ComfortCore, Mira-Coil, VertiCoil, Quantum, Nanocoil, Lura-Flex and Active Support Technology, which includes mattress innersprings; Semi-Flex, which includes box spring components and foundations; Spuhl, which includes mattress innerspring manufacturing machines; Wall Hugger, which includes recliner chair mechanisms; Super Sagless, which includes motion and sofa sleeper mechanisms; No-Sag, which includes wire forms used in seating; LPSense, which includes capacitive sensing; Hanes, which includes fabric materials; Schukra, Pullmaflex and Flex-O-Lator, which includes automotive seating products, and Gribetz and Porter, which includes quilting and sewing machines. Leggett & Platt is a member of the S&P500 Dividend Aristocrats Index with more than 25 consecutive years of annual dividend increases.