Given the current macroeconomic climate of not only the U.S. but now the rest of the world, it is not surprising that most industrial stocks are seeing a substantial slowdown in their businesses.

Recently, short-sellers have positioned themselves negatively against

Caterpillar

(CAT) - Get Report

,

Bucyrus

( BUCY),

Joy Global

( JOYG) and

Terex

(TEX) - Get Report

--betting that these industrial names still have more room to the downside

One compelling name that might have further to go on the downside is

Woodward Governor

( WGOV), which designs, manufactures and services energy control systems and components for aircraft and industrial engines and turbines. Woodward Governor shares are not cheap at all, trading with a forward P/E of 10.9, PEG ratio of 1.1 and enterprise value/EBITDA of 6.4.

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