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In economic difficult times, it makes sense to look for investment opportunities with robust business models and sustainable growing dividends. Despite the uncertainty, many companies have a good ongoing business operation and they are still confident about the economic future. That's the reason why they have raised dividends. Last week, 33 companies raised distributions of which 20 have had a double digit dividend growth. The highest dividend hikes were realized by two companies, MasterCard (MA) and Assured Guaranty (AGO). Both doubled dividends within the recent week. The highest yielding stock is Chesapeake Lodging Trust (CHSP) who has a yield of 4.69 percent and increased its dividend by 10% from $0.20 to $0.22 per share. Calculated on the new dividend, the yield is 5.2%. However, I screened the recent dividend growth stocks by real bargains, measured by a P/E ratio of less than 15. These are the detailed results:

1. Avista Corporation (AVA) has a market capitalization of $1.50 billion. The company employs 2,435 people, generates revenues of $1,558.74 million and has a net income of $94.95 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $330.74 million. Because of these figures, the EBITDA margin is 21.22% (operating margin 14.77% and the net profit margin finally 6.09%).

The total debt represents 33.56% of the company's assets and the total debt in relation to the equity amounts to 117.46%. Last fiscal year, a return on equity of 8.49% was realized. Twelve trailing months earnings per share reached a value of $1.75. Last fiscal year, the company paid $1.00 in form of dividends to shareholders. The company announced to raised distributions by 5.5 percent.

Here are the price ratios of the company: The P/E ratio is 14.68, Price/Sales 0.96 and Price/Book ratio 1.31. Dividend Yield: 4.51 percent. The beta ratio is 0.70.

2. Fidelity National Financial (FNF) has a market capitalization of $3.88 billion. The company employs 18,200 people, generates revenues of $4,839.60 million and has a net income of $280.40 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $1,628.50 million. Because of these figures, the EBITDA margin is 33.65% (operating margin 8.57% and the net profit margin finally 5.79%).

Twelve trailing months earnings per share reached a value of $1.26. Last fiscal year, the company paid $0.50 in form of dividends to shareholders. The company announced to raised distributions by 16.7 percent.

Here are the price ratios of the company: The P/E ratio is 14.04, Price/Sales 0.80 and Price/Book ratio 1.11. Dividend Yield: 3.16 percent. The beta ratio is 0.53.

3. L 3 Communications (LLL) has a market capitalization of $7 billion. The company employs 63,000 people, generates revenues of $15,169.00 million and has a net income of $968.00 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $1,810.00 million. Because of these figures, the EBITDA margin is 11.93% (operating margin 10.30% and the net profit margin finally 6.38%).

The total debt represents 26.61% of the company's assets and the total debt in relation to the equity amounts to 62.11%. Last fiscal year, a return on equity of 14.23% was realized. Twelve trailing months earnings per share reached a value of $9.07. Last fiscal year, the company paid $1.80 in form of dividends to shareholders. The company announced to raised distributions by 11.1 percent.

Here are the price ratios of the company: The P/E ratio is 7.73, Price/Sales 0.46 and Price/Book ratio 1.05. Dividend Yield: 2.85 percent. The beta ratio is 0.96.

4. Time Warner (TWX) has a market capitalization of $36.54 billion. The company employs 31,000 people, generates revenues of $28,974.00 million and has a net income of $2,882.00 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $6,727.00 million. Because of these figures, the EBITDA margin is 23.22% (operating margin 20.04% and the net profit margin finally 9.95%).

The total debt represents 28.80% of the company's assets and the total debt in relation to the equity amounts to 65.17%. Last fiscal year, a return on equity of 9.18% was realized. Twelve trailing months earnings per share reached a value of $2.72. Last fiscal year, the company paid $0.94 in form of dividends to shareholders. The company announced to raised distributions by 10.6 percent.

Here are the price ratios of the company: The P/E ratio is 13.81, Price/Sales 1.26 and Price/Book ratio 1.22. Dividend Yield: 2.77 percent. The beta ratio is 1.27.

5. 3M Company (MMM) has a market capitalization of $60.56 billion. The company employs 84,000 people, generates revenues of $29,611.00 million and has a net income of $4,357.00 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $6,178.00 million. Because of these figures, the EBITDA margin is 20.86% (operating margin 20.86% and the net profit margin finally 14.71%).

The total debt represents 16.34% of the company's assets and the total debt in relation to the equity amounts to 32.57%. Last fiscal, a return on equity of 27.17% was realized. Twelve trailing months earnings per share reached a value of $5.95. Last fiscal year, the company paid $2.20 in form of dividends to shareholders. The company announced to raised distributions by 7.3 percent.

Here are the price ratios of the company: The P/E ratio is 14.64, Price/Sales 2.06 and Price/Book ratio 3.82. Dividend Yield: 2.71 percent. The beta ratio is 0.88.

6. Omnicom Group (OMC) has a market capitalization of $13.29 billion. The company employs 65,500 people, generates revenues of $12,542.50 million and has a net income of $890.20 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $1,713.20 million. Because of these figures, the EBITDA margin is 13.66% (operating margin 11.64% and the net profit margin finally 7.10%).

The total debt represents 16.23% of the company's assets and the total debt in relation to the equity amounts to 88.71%. Last fiscal year, a return on equity of 21.08% was realized. Twelve trailing months earnings per share reached a value of $3.19. Last fiscal year, the company paid $0.80 in form of dividends to shareholders. The company announced to raised distributions by 20.0 percent.

Here are the price ratios of the company: The P/E ratio is 14.89, Price/Sales 1.05 and Price/Book ratio 3.79. Dividend Yield: 2.52 percent. The beta ratio is 1.21.

7. R.G. Barry Corp. (DFZ) has a market capitalization of $151.22 million. The company employs 137 people, generates revenues of $129.57 million and has a net income of $7.51 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $13.57 million. Because of these figures, the EBITDA margin is 10.47% (operating margin 9.01% and the net profit margin finally 5.80%).

The total debt represents 26.14% of the company's assets and the total debt in relation to the equity amounts to 48.50%. Last fiscal, a return on equity of 12.82% was realized. Twelve trailing months earnings per share reached a value of $1.09. Last fiscal year, the company paid $0.28 in form of dividends to shareholders. The company announced to raised distributions by 14.3 percent.

Here are the the price ratios of the company: The P/E ratio is 12.49, Price/Sales 1.17 and Price/Book ratio 2.40. Dividend Yield: 2.36 percent. The beta ratio is 0.28.

8. Coca-Cola Enterprises (CCE) has a market capitalization of $8.56 billion. The company employs 13,500 people, generates revenues of $8,284.00 million and has a net income of $749.00 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $1,354.00 million. Because of these figures, the EBITDA margin is 16.34% (operating margin 12.47% and the net profit margin finally 9.04%).

The total debt representing 33.12% of the company's assets and the total debt in relation to the equity amounts to 103.90%. Last fiscal, a return on equity of 24.79% was realized. Twelve trailing months earnings per share reached a value of $2.29. Last fiscal year, the company paid $0.51 in form of dividends to shareholders. The company announced to raised distributions by 23.1 percent.

Here are the price ratios of the company: The P/E ratio is 11.98, Price/Sales 1.03 and Price/Book ratio 2.95. Dividend Yield: 2.33 percent. The beta ratio is 1.20.

9. The Western Union Company (WU) has a market capitalization of $10.89 billion. The company employs 7,000 people, generates revenues of $5,491.40 million and has a net income of $1,165.40 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $1,577.60 million. Because of these figures, the EBITDA margin is 28.73% (operating margin 25.22% and the net profit margin finally 21.22%).

The total debt represents 39.51% of the company's assets and the total debt in relation to the equity amounts to 400.45%. Last fiscal, a return on equity of 157.75% was realized. Twelve trailing months earnings per share reached a value of $1.85. Last fiscal year, the company paid $0.31 in form of dividends to shareholders. The company announced to raised distributions by 25.0 percent.

Here are the price ratios of the company: The P/E ratio is 9.53, Price/Sales 1.98 and Price/Book ratio 12.17. Dividend Yield: 2.27 percent. The beta ratio is 1.41.

10. Occidental Petroleum (OXY) has a market capitalization of $83.37 billion. The company employs 11,000 people, generates revenues of $19,157.00 million and has a net income of $4,364.00 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $10,628 million. Because of these figures, the EBITDA margin is 55.48% (operating margin 38.41% and the net profit margin finally 22.78%).

The total debt represents 9.75% of the company's assets and the total debt in relation to the equity amounts to 15.73%. Last fiscal, a return on equity of 14.82% was realized. Twelve trailing months earnings per share reached a value of $7.65. Last fiscal year, the company paid $1.47 in form of dividends to shareholders. The company announced to raised distributions by 17.4 percent.

Here are the price ratios of the company: The P/E ratio is 13.43, Price/Sales 4.35 and Price/Book ratio 2.80. Dividend Yield: 2.10 percent. The beta ratio is 1.18.

11. Assured Guaranty (AGO) has a market capitalization of $3.19 billion. The company employs 350 people, generates revenues of $1,313.45 million and has a net income of $493.71 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $901.29 million. Because of these figures, the EBITDA margin is 68.62% (operating margin 41.82% and the net profit margin finally 37.59%).

The total debt represents 17.72% of the company's assets and the total debt in relation to the equity amounts to 94.17%. Last fiscal, a return on equity of 13.61% was realized. Twelve trailing months earnings per share reached a value of $3.50. Last fiscal year, the company paid $0.18 in form of dividends to shareholders. The company announced to raised distributions by 100.0 percent.

Here are the price ratios of the company: The P/E ratio is 5.00, Price/Sales 2.43 and Price/Book ratio 0.86. Dividend Yield: 2.06 percent. The beta ratio is 2.41.

12. The Timken Company (TKR) has a market capitalization of $5.07 billion. The company employs 20,000 people, generates revenues of $5,170.20 million and has a net income of $456.60 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $921.60 million. Because of these figures, the EBITDA margin is 17.83% (operating margin 14.10% and the net profit margin finally 8.83%).

The total debt represents 11.84% of the company's assets and the total debt in relation to the equity amounts to 25.40%. Last fiscal, a return on equity of 22.98% was realized. Twelve trailing months earnings per share reached a value of $4.59. Last fiscal year, the company paid $0.78 in form of dividends to shareholders. The company announced to raised distributions by 15.0 percent.

Here are the price ratios of the company: The P/E ratio is 11.30, Price/Sales 0.98 and Price/Book ratio 2.50. Dividend Yield: 1.77 percent. The beta ratio is 2.13.

Source: 12 Cheap Stocks With Recent Dividend Hikes