Most investors look at the price-to-earnings ratio as an important valuation metric, even though earnings can often be incredibly volatile. I prefer to look at dividend yield because dividends tend to be very consistent over time. Historically high dividend yields at Stanley Black & Decker (NYSE: SWK) and A.O. Smith (NYSE: AOS) suggest that these two industrial stocks are entering buy territory. Let's take a closer look at these two industrial stocks that are too cheap to ignore.

There's no way to put a positive spin on Stanley Black & Decker's 2022 results. Coming into the year, the company guided to an adjusted earnings range of $12 to $12.50 per share. By the third quarter of 2022, that range had dropped to just $4.15 to $4.65 per share. That's terrible -- and helps to explain why the stock price is down by roughly 50% over the past year.

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Source Fool.com