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SPY - Lincoln Electric: A New Dividend Champion But Overvalued
SPDR S&P 500
Thesis
Lincoln Electric Holdings Inc (LECO) is a new Dividend Champion having raised the dividend for 25 consecutive years. The company is a mid-cap stock that is likely unknown to most investors unless they are welders. Despite the relative obscurity of the company, it has trailing 10-year returns that exceed that of the S&P 500 (SPY) with and without the dividend reinvested. Over the past 20-years, the returns of Lincoln Electric have crushed the returns of the S&P 500, and this includes a deep recession that affected most of the company’s