Kennametal The engineered components supplier reported second-quarter earnings of $73.7 million, or 92 cents a share, last month. The performance was an improvement from year-ago earnings of $43.5 million, or 53 cents a share. "While one month does not indicate a trend, we are encouraged by the solid start to the new year with sales for the month of January estimated being up 10% on a tough y/y comp (Jan 2011 est. up 30% y/y)," Jefferies analysts wrote in a report Tuesday. "We anticipated the order rate to moderate due to tougher comparisons as well as look for some fx headwind as the year progresses." Shares of Kennametal hit a 52-week high of $46.66 on Wednesday. The stock's 52-week low of $29.30 was set on Oct. 4. Kennametal has a forward P/E of 10.7X; the average for industrial machinery is 15.2X. For comparison, Flowserve ( FLS) and Donaldson ( DCI) both have higher forward P/Es of 13.5X and 20.4X respectively. Nine of the 14 analysts who cover the company have buy ratings on the stock. Four analysts rate it at hold and one is at sell. TheStreet Ratings gives Kennametal a B+ grade with a buy rating and has a $54.50 price target on the shares. The stock has increased 24.07% year to date.