Ex-Dividend Stocks: Halliburton, Southwest, Kohl's

NEW YORK ( TheStreet) -- The following stocks go ex-dividend Monday, meaning an investor must purchase the shares Friday to qualify for the next dividend payment: Avery Dennison ( AVY), Guess ( GES), Goodrich ( GR), Halliburton ( HAL), HSN ( HSNI), Kohl's ( KSS), Southwest Airlines ( LUV) and Stanley Black & Decker ( SWK).

Avery Dennison

The pressure-sensitive materials company reported first-quarter earnings on April 25 of $43.9 million, or 44 cents a share, down from year-earlier earnings of $44.8 million.

"AVY held their Annual Investor Presentation in NY, where mgmt outlined relatively aggressive earnings targets through 2015, calling for 10-15% net income growth and 15-20% EPS growth," Credit Suisse analysts wrote in a May 17 report. "Given AVY's historical average net income/EPS growth of ~5% (although it has been volatile given acquisitions and divestitures), the uncertain macro environment and mgmt's lack of credibility on delivering on their targets, we believe the targets are a bit aggressive and will require a solid pickup in the macro. As such, we are remaining on the sidelines until we see mgmt start to execute. Additionally, based on the CS HOLT valuation framework, even if AVY were to hit their targets, the stock's risk/reward is balanced, as it is currently implying 12% downside and only 16% upside if AVY hits the high end of their targets."

Forward Annual Dividend Yield: 3.7%

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Guess

The retailer reported first-quarter earnings on May 22 of $26.6 million, or 30 cents a share, down from year-earlier earnings of $42.7 million, or 46 cents a share.

"We view GES outlook could be pressured by ongoing challenges in Europe and negative comparable store sales trends offsetting the potential for a near term North America retail margin rebound," Bank of America Merrill Lynch analysts wrote in a May 23 report. "Given these pressures we believe GES should trade at a discount relative to its current branded apparel group average and specialty retailer group average. Longer term, opportunity remains for long term global expansion."

Forward Annual Dividend Yield: 3.3%


Goodrich

The aviation and defense company is scheduled to report second-quarter earnings on June 20. Analysts, on average, anticipate earnings of $1.71 a share on revenue of $2.22 billion.

"On April 26, GR reported slightly disappointing 1Q12 results, as a rise in operating expenses and tepid aftermarket growth caused earning to come up slightly short," Oppenheimer analysts wrote in an April 30 report. "Absent a conference call, it's difficult to assess the exact cause and durability of the quarter's increase in operating expenses, but the top line hiccup appears to be of a passing nature. Indeed, the tepid commercial aftermarket demand of January gave way to a strong February and March. Meanwhile, commercial OE momentum remains very strong. From a big picture perspective, there's nothing in the numbers to suggest the combination with UTX shouldn't continue as planned. GR sees a mid-2012 closing, though the European Phase II review suggests an August close may be more likely."

Forward Annual Dividend Yield: 0.9%

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Halliburton

The energy industry services company reported first-quarter earnings on April 18 of $627 million, or 68 cents a share, up from year-earlier earnings of $511 million, or 56 cents a share.

"Although first quarter EPS was better than expected ($0.89 versus our $0.84 estimate), the falloff in pressure pumping earnings will be sharper than we had estimated over the year, and 2013 will start from a lower base," Dahlman Rose analysts wrote in an April 23 report. "We are trimming our 2012 EPS estimate to $3.55 from $3.75 and cutting 2013 to $4.25 from $4.85. At current valuations, we believe the stock is reflecting likely EPS at below $3 per share. We maintain our $57 per share price target and our Buy recommendation."

Forward Annual Dividend Yield: 1.1%


HSN

The merchandise marketing company reported on May 2 first-quarter earnings of $26.2 million, or 44 cents a share, up from year-earlier earnings of $20.3 million, or 34 cents a share.

"HSN is an anomaly among cable nets in that new distribution is a positive as it compensates traditional MSOs for carriage," Wunderlich Securities wrote in a May 23 report. "It can expand its profiles in areas such as connected TV through freestanding HSN apps/icons as well as passthrough access to the linear channel. Its relational expertise and customer data bases are integral to understanding smart TV transactional opportunities. The digital rights management issues that hamstring other networks are also nonexistent for HSN."

Forward Annual Dividend Yield: 1.3%

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Kohl's

The retailer reported first-quarter earnings on May 10 of $154 million, or 63 cents a share, down from year-earlier earnings of $201 million, or 69 cents a share.

"This morning Kohl's reported FQ1 EPS of $0.63 exceeding our and consensus estimates as expense management and a low tax rate more than offset gross margin weakness," Piper Jaffray analysts wrote in a May 10 report. "FQ2 guidance was below expectations as same-store sales will remain challenged as the composition of inventory improves slowly. Inventory units were late to arrive in FQ1 and we expect levels of on-trend, in-season merchandise to improve for the back-to-school season making Kohl's a second half story in 2012. Given the second half weighted year and less visibility, we are lowering our full year estimates and price target slightly from $57 to $56."

Forward Annual Dividend Yield: 2.5%


Southwest Airlines

The airline is scheduled to report second-quarter earnings on July 19. Analysts, on average, expect earnings of 28 cents a share on revenue of $4.54 billion.

"Southwest reported Mar Q loss per share of $0.02 (ex-specials) which was better than both our forecast and the consensus estimate loss of $0.05 per share," Deutsche Bank analysts wrote in an April 20 report. "Although Southwest reported a net loss, it did manage to eke out a $10 mm operating profit, however, its 0.3% margin is likely to be one of the industry's weaker performances. The company realized $40 mm in pretax synergies from the AirTran merger this Q, however, its LTM pretax ROIC continues to drift lower, decreasing another point from YE 2011 to 6%. We feel we could still be several quarters away from an inflection point, hence, our Hold rating on LUV shares."

Forward Annual Dividend Yield: 0.5%

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Stanley Black & Decker

The hand tools company reported first-quarter earnings on April 18 of $121.8 million, or 72 cents a share, down from year-earlier earnings of $158.7 million, or 92 cents a share.

"After a quiet period during 2005-2006 (with sales typically in the 0-50K range), SWK had a greater period of activity during 1H07, since then has resumed a more quiet schedule," JPMorgan analysts wrote in a May 8 report. "Importantly, no clear-cut relationship between selling and stock performance was demonstrated during that time. Specifically, SWK had net sales of 219K in Jan and Feb 2007, as well as 128K in April and May 2007. However, after falling 3% in Feb and March, the stock rose 10% from April to June (S&P: -1% and +6%, respectively). In the past as well, SWK's insider selling has had a mixed relationship with stock performance. For example, following its 100K sale in February 2005, the stock fell 7% over the following two months (S&P: -4%) and 4% over the following three months (S&P: -1%). However, we note that following a 70K net sale spike in March 2004, the stock performed well, up 7% in the following three months (S&P: +1%)."

Forward Annual Dividend Yield: 2.4%

-- Written by Alexandra Zendrian

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