3 Stocks With Upcoming Ex-Dividend Dates: FWRD, SMG, ATI

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.

Tomorrow, Friday, May 22, 2015, 16 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 0.1% to 8.2%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

Forward Air

Owners of Forward Air (NASDAQ: FWRD) shares, as of market close today, will be eligible for a dividend of 12 cents per share. At a price of $53.30 as of 9:30 a.m. ET, the dividend yield is 0.9%.

The average volume for Forward Air has been 178,000 shares per day over the past 30 days. Forward Air has a market cap of $1.7 billion and is part of the transportation industry. Shares are up 6.6% year-to-date as of the close of trading on Wednesday.

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Forward Air Corporation, together with its subsidiaries, provides surface transportation and related logistics services. The company operates in three segments: Forward Air (Forward Air); Forward Air Solutions (FASI); and Total Quality (TQI). The company has a P/E ratio of 27.16.

TheStreet Ratings rates Forward Air 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 and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Forward Air Ratings Report now.

Scotts Miracle Gro

Owners of Scotts Miracle Gro (NYSE: SMG) shares, as of market close today, will be eligible for a dividend of 45 cents per share. At a price of $66.59 as of 9:35 a.m. ET, the dividend yield is 2.7%.

The average volume for Scotts Miracle Gro has been 277,900 shares per day over the past 30 days. Scotts Miracle Gro has a market cap of $4.0 billion and is part of the chemicals industry. Shares are up 7.3% year-to-date as of the close of trading on Wednesday.

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The Scotts Miracle-Gro Company manufactures, markets, and sells consumer lawn and garden care products worldwide. The company has a P/E ratio of 26.32.

TheStreet Ratings rates Scotts Miracle Gro as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, increase in stock price during the past year, expanding profit margins and attractive valuation levels. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated. You can view the full Scotts Miracle Gro Ratings Report now.

Allegheny Technologies

Owners of Allegheny Technologies (NYSE: ATI) shares, as of market close today, will be eligible for a dividend of 18 cents per share. At a price of $35.72 as of 9:36 a.m. ET, the dividend yield is 2%.

The average volume for Allegheny Technologies has been 1.0 million shares per day over the past 30 days. Allegheny Technologies has a market cap of $3.9 billion and is part of the industrial industry. Shares are up 2.8% year-to-date as of the close of trading on Wednesday.

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Allegheny Technologies Incorporated produces and sells specialty materials and components worldwide. The company operates through two segments, High Performance Materials and Components; and Flat-Rolled Products. The company has a P/E ratio of 148.75.

TheStreet Ratings rates Allegheny Technologies as a hold. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth and increase in net income. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and poor profit margins. You can view the full Allegheny Technologies 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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