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Shares of EnPro Industries, Inc. (NPO - Snapshot Report) hit a new 52-week high of $57.04 on Jul 10 and eventually closed at $56.86. Shares of this industrial products company jumped 7.2% in a day, post the announcement of the recent decline in the estimated liability of pending and future asbestos-related claims.

Year-to-date, share prices have recorded a healthy return of 35.8%. The company’s long-term estimated EPS growth rate is 15.0%. Average volume of shares traded over the last three months came in at approximately 130K.

EnPro announced the new development by Garlock Sealing Technologies LLC (GST) against whom the allegation of manufacturing asbestos which is causing cancer has been leveled. Garlock has submitted a pre-trial brief for the impending trial to estimate its aggregate charge for pending and future mesothelioma claims.

Garlock estimated claims of $270 million in Nov 2011, which is now estimated to be roughly $125 million, in the pre-trial brief issued recently. However, the Committee of Asbestos Personal Injury Claimants and the Future Asbestos Claimants’ Representative estimate the claim to be $1.26 billion.

In May, another subsidiary of EnPro, Compressor Products International, entered into a contract to provide reciprocating compressor aftermarket goods and services for the next five years to Shell.

In April, GGB Bearing Technology enhanced the product portfolio of the company with the introduction of two new metallic bearing materials. We expect the growth trajectory to continue in the future based on new contracts as well as offerings.

Other Stocks to Consider

The company registered a negative earnings surprise in the previous quarter due to reduction in demand in most of its industrial markets. EnPro currently carries a Zacks Rank #4 (Sell). Other stocks to look out for in the industry are Lincoln Electric Holdings Inc. (LECO - Analyst Report), carrying a Zacks Rank #1 (Strong Buy). Chart Industries Inc. (GTLS - Snapshot Report) and Key Technology, Inc. carrying a Zacks Rank #2 (Buy) are worth a watch.

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