No. of Recommendations: 1

This has been a great [read, "extremely well-managed"]company over the years, albeit a company whose performance tends to be highly correlated with the broad economy [read, "economically-sensitive"] due to its product mix. As mentioned in the article, the recent price drop has reflected a combination of sharply higher steel costs (~ 17% of COGS) and lagging sales.

This has shaved a quick 10% or so off the already battered stock price, and jacked the current yield up to 3.3% for a company that has increased its dividend for 34 consecutive years. The stock looks pretty interesting on Mike's 16-year chart, but I don't see a longer term chart in his database. If China has in fact built, or is in the process of building, some serious steel-making overcapacity, things could get pretty interesting for LEG investors down the road. Sign me up for some of this one somewhere not too far from current price levels! (Caution: YMMV)
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