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Tomorrow, Wednesday, July 2, 2014, 4:00 AM ET, 12 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 0.2% to 7.5%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

Steelcase

Owners of Steelcase (NYSE: SCS) shares, as of market close today, will be eligible for a dividend of 10 cents per share. At a price of $15.35 as of 9:36 a.m. ET, the dividend yield is 2.7%.

The average volume for Steelcase has been 692,300 shares per day over the past 30 days. Steelcase has a market cap of $1.4 billion and is part of the consumer durables industry. Shares are down 4.6% year-to-date as of the close of trading on Monday.

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

Steelcase Inc. designs, manufactures, and distributes an integrated portfolio of furniture settings, user-centered technologies, and interior architectural products. The company operates through Americas, EMEA, and Other Category segments. The company has a P/E ratio of 20.42.

TheStreet Ratings rates Steelcase 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, impressive record of earnings per share growth, compelling growth in net income and reasonable valuation levels. We feel these strengths outweigh the fact that the company shows low profit margins. You can view the full Steelcase Ratings Report now.

Clarcor

Owners of Clarcor (NYSE: CLC) shares, as of market close today, will be eligible for a dividend of 17 cents per share. At a price of $62.16 as of 9:35 a.m. ET, the dividend yield is 1.1%.

The average volume for Clarcor has been 277,000 shares per day over the past 30 days. Clarcor has a market cap of $3.1 billion and is part of the industrial industry. Shares are down 3.9% year-to-date as of the close of trading on Monday.

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

CLARCOR Inc. provides filtration products, filtration systems and services, and consumer and industrial packaging products worldwide. The company has a P/E ratio of 25.97.

TheStreet Ratings rates Clarcor 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, increase in stock price during the past year, increase in net income and expanding profit margins. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity. You can view the full Clarcor Ratings Report now.

Mobile Telesystems OJSC

Owners of Mobile Telesystems OJSC (NYSE: MBT) shares, as of market close today, will be eligible for a dividend of 90 cents per share. At a price of $19.67 as of 9:36 a.m. ET, the dividend yield is 5.9%.

The average volume for Mobile Telesystems OJSC has been 2.7 million shares per day over the past 30 days. Mobile Telesystems OJSC has a market cap of $19.6 billion and is part of the telecommunications industry. Shares are down 8.7% year-to-date as of the close of trading on Monday.

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

Mobile TeleSystems OJSC provides a range of mobile and fixed line voice and data telecommunications services in Russia and the CIS. It offers data transfer, broadband, pay-TV, and various value-added services, as well as sells equipment and accessories. The company has a P/E ratio of 19.34.

TheStreet Ratings rates Mobile Telesystems OJSC as a buy. The company's strengths can be seen in multiple areas, such as its notable return on equity, expanding profit margins, good cash flow from operations and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Mobile Telesystems OJSC 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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