Tomorrow, Friday, October 23, 2015, 6 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 0.9% to 3.5%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

Carpenter Technology

Owners of Carpenter Technology (NYSE: CRS) shares, as of market close today, will be eligible for a dividend of 18 cents per share. At a price of $31.47 as of 9:36 a.m. ET, the dividend yield is 2.4%.

The average volume for Carpenter Technology has been 504,000 shares per day over the past 30 days. Carpenter Technology has a market cap of $1.5 billion and is part of the industrial industry. Shares are down 39.6% year-to-date as of the close of trading on Wednesday.

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Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. It operates through two segments: Specialty Alloys Operations and Performance Engineered Products. The company has a P/E ratio of 27.41.

TheStreet Ratings rates Carpenter Technology as a hold. 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. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, poor profit margins and disappointing return on equity. You can view the full Carpenter Technology Ratings Report now.

Western Refining

Owners of Western Refining (NYSE: WNR) shares, as of market close today, will be eligible for a dividend of 38 cents per share. At a price of $42.12 as of 9:37 a.m. ET, the dividend yield is 3.5%.

The average volume for Western Refining has been 1.5 million shares per day over the past 30 days. Western Refining has a market cap of $4.2 billion and is part of the energy industry. Shares are up 11.4% year-to-date as of the close of trading on Wednesday.

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Western Refining, Inc. operates as an independent crude oil refiner and marketer of refined products. The company operates in four segments: Refining, NTI, WNRL, and Retail. The company has a P/E ratio of 7.65.

TheStreet Ratings rates Western Refining as a buy. The company's strengths can be seen in multiple areas, such as its notable return on equity, attractive valuation levels and solid stock price performance. 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 Western Refining Ratings Report now.

Fastenal

Owners of Fastenal (NASDAQ: FAST) shares, as of market close today, will be eligible for a dividend of 28 cents per share. At a price of $37.44 as of 9:36 a.m. ET, the dividend yield is 3%.

The average volume for Fastenal has been 2.7 million shares per day over the past 30 days. Fastenal has a market cap of $10.7 billion and is part of the wholesale industry. Shares are down 22.4% year-to-date as of the close of trading on Wednesday.

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Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. The company offers fasteners, and other industrial and construction supplies primarily under the Fastenal name. The company has a P/E ratio of 20.81.

TheStreet Ratings rates Fastenal as a hold. The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year. You can view the full Fastenal 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.