Dividend Watch: 5 Stocks Going Ex-Dividend Tomorrow: NDSN, CRS, MHFI, KEY, JNJ

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

Tomorrow, Aug. 23, 2013, 9 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 1% to 3.2%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

Nordson Corporation

Owners of Nordson Corporation (NASDAQ: NDSN) shares as of market close today will be eligible for a dividend of 18 cents per share. At a price of $69.96 as of 9:36 a.m. ET, the dividend yield is 1%.

The average volume for Nordson Corporation has been 212,500 shares per day over the past 30 days. Nordson Corporation has a market cap of $4.5 billion and is part of the industrial industry. Shares are up 10.8% year to date as of the close of trading on Wednesday.

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Nordson Corporation engineers, manufactures, and markets products and systems for precision dispensing and processing, fluid management, testing and inspection, surface treatment, and curing. The company has a P/E ratio of 19.65.

TheStreet Ratings rates Nordson Corporation as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, growth in earnings per share and increase in net income. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results. You can view the full Nordson Corporation Ratings Report now.

Carpenter Technology Corporation

Owners of Carpenter Technology Corporation (NYSE: CRS) shares as of market close today will be eligible for a dividend of 18 cents per share. At a price of $56.04 as of 9:36 a.m. ET, the dividend yield is 1.3%.

The average volume for Carpenter Technology Corporation has been 330,800 shares per day over the past 30 days. Carpenter Technology Corporation has a market cap of $2.9 billion and is part of the industrial industry. Shares are up 6.3% year to date as of the close of trading on Wednesday.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

Carpenter Technology Corporation engaged in the manufacture, fabrication, and distribution of specialty metals. The company has a P/E ratio of 20.22.

TheStreet Ratings rates Carpenter Technology Corporation as a buy. The company's strengths can be seen in multiple areas, such as its increase in net income, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, increase in stock price during the past year and notable return on equity. We feel these strengths outweigh the fact that the company shows low profit margins. You can view the full Carpenter Technology Corporation Ratings Report now.

McGraw Hill Financial

Owners of McGraw Hill Financial (NYSE: MHFI) shares as of market close today will be eligible for a dividend of 28 cents per share. At a price of $59.64 as of 9:36 a.m. ET, the dividend yield is 1.9%.

The average volume for McGraw Hill Financial has been 1.4 million shares per day over the past 30 days. McGraw Hill Financial has a market cap of $16.6 billion and is part of the diversified services industry. Shares are up 8.4% year to date as of the close of trading on Wednesday.

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The company has a P/E ratio of 22.96.

KeyCorp

Owners of KeyCorp (NYSE: KEY) shares as of market close today will be eligible for a dividend of 6 cents per share. At a price of $12.19 as of 9:35 a.m. ET, the dividend yield is 1.8%.

The average volume for KeyCorp has been 11.0 million shares per day over the past 30 days. KeyCorp has a market cap of $11.1 billion and is part of the banking industry. Shares are up 43.6% year to date as of the close of trading on Wednesday.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

KeyCorp. operates as the holding company for KeyBank National Association that provides various banking services in the United States. The company has a P/E ratio of 13.98.

TheStreet Ratings rates KeyCorp as a buy. The company's strengths can be seen in multiple areas, such as its expanding profit margins, good cash flow from operations, solid stock price performance and attractive valuation levels. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full KeyCorp Ratings Report now.

Johnson & Johnson

Owners of Johnson & Johnson (NYSE: JNJ) shares as of market close today will be eligible for a dividend of 66 cents per share. At a price of $88.63 as of 9:35 a.m. ET, the dividend yield is 2.9%.

The average volume for Johnson & Johnson has been 9.9 million shares per day over the past 30 days. Johnson & Johnson has a market cap of $252.9 billion and is part of the drugs industry. Shares are up 26.7% year to date as of the close of trading on Wednesday.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

Johnson & Johnson, together with its subsidiaries, engages in the research and development, manufacture, and sale of various products in the health care field worldwide. The company operates in three segments: Consumer, Pharmaceutical, and Medical Devices and Diagnostics. The company has a P/E ratio of 19.94.

TheStreet Ratings rates Johnson & Johnson as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook. You can view the full Johnson & Johnson Ratings Report now.

More About Dividends:

One benefit of owning a stock is the potential that you will be paid a dividend. The distribution of dividend payments is another way for a company to share its profit with you. A dividend means that the company pays you a certain amount of money, either as a one-time payment or more commonly on a quarterly basis, for each share of stock you own.

Many times, dividends come at the expense of greater price appreciation, because the company is distributing its profits to shareholders rather than reinvesting the profits back into the growth of the company. However, companies that pay dividends can be very attractive to investors when they offer a steady stream of income. There are some important terms and dates an investor should be familiar with before purchasing any dividend-paying companies. Let's work through an example to help better explain some of these terms:

On March 1, ABC Widget Company has decided that because it holds excess cash and lacks investment opportunities, it would like to reward shareholders with a regular quarterly dividend payment. The date for this particular announcement is known as the declaration date. It is on this date that the company announces the specific dividend payment along with the holder of record date (aka record date) and the payment date. The company announces that a dividend payment of 25 cents per share will be payable March 31, 2012 (the payment date) to all shareholders of record at the close of business on March 16, 2012 (holder of record date). What does this all mean? Well the short story is that the company looks at its records on March 16 and anyone listed on the books as an owner of ABC Widget company will be eligible for the dividend payment (on March 31).

The one other important term to remember is the ex-dividend date. The ex-dividend date (typically two trading days before the holder of record date for U.S. securities) is the day in which a company begins trading without the dividend. In order to have a claim on a dividend, shares must be purchased no later than the last business day before the ex-dividend date. A company trading ex-dividend will have the upcoming dividend subtracted from the share price at the start of the trading day. Many times, the price of a stock will increase in anticipation of the upcoming dividend as the ex-dividend date approaches, yet will fall back by the amount of the dividend on the ex-dividend date.

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