Dividend Watch: 3 Stocks Going Ex-Dividend Tomorrow: ORI, CGNX, NTRS

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, Wednesday, June 03, 2015, 43 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 0.1% to 17.2%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

Old Republic International Corporation

Owners of Old Republic International Corporation (NYSE: ORI) shares, as of market close today, will be eligible for a dividend of 18 cents per share. At a price of $15.37 as of 9:36 a.m. ET, the dividend yield is 4.8%.

The average volume for Old Republic International Corporation has been 1.2 million shares per day over the past 30 days. Old Republic International Corporation has a market cap of $4.0 billion and is part of the insurance industry. Shares are up 5.3% year-to-date as of the close of trading on Monday.

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Old Republic International Corporation, through its subsidiaries, engages in the insurance underwriting and related services business primarily in the United States and Canada. The company has a P/E ratio of 13.68.

TheStreet Ratings rates Old Republic International Corporation as a buy. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. We feel its strengths outweigh the fact that the company has had somewhat weak growth in earnings per share. You can view the full Old Republic International Corporation Ratings Report now.

Cognex

Owners of Cognex (NASDAQ: CGNX) shares, as of market close today, will be eligible for a dividend of 7 cents per share. At a price of $49.82 as of 9:36 a.m. ET, the dividend yield is 0.6%.

The average volume for Cognex has been 571,600 shares per day over the past 30 days. Cognex has a market cap of $4.4 billion and is part of the electronics industry. Shares are up 21% year-to-date as of the close of trading on Monday.

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Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes. It operates in two divisions, Modular Vision Systems and Surface Inspection Systems. The company has a P/E ratio of 36.57.

TheStreet Ratings rates Cognex 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, notable return on equity, growth in earnings per share and solid stock price performance. We feel its strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value. You can view the full Cognex Ratings Report now.

Northern

Owners of Northern (NASDAQ: NTRS) shares, as of market close today, will be eligible for a dividend of 36 cents per share. At a price of $74.12 as of 9:36 a.m. ET, the dividend yield is 1.9%.

The average volume for Northern has been 1.1 million shares per day over the past 30 days. Northern has a market cap of $17.4 billion and is part of the financial services industry. Shares are up 10.6% year-to-date as of the close of trading on Monday.

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Northern Trust Corporation, a financial holding company, provides asset servicing, fund administration, asset management, fiduciary, and banking solutions for corporations, institutions, families, and individuals worldwide. The company has a P/E ratio of 21.24.

TheStreet Ratings rates Northern as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, compelling growth in net income, expanding profit margins and solid stock price performance. We feel its strengths outweigh the fact that the company shows weak operating cash flow. You can view the full Northern 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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