After the 50% crash are these 2 FTSE dividend heroes the best shares to buy today?

While hunting for the best stocks to buy, FTSE 100– it's on the list Croda International (LSE: CRDA) and The Spirax group (LSE: SPX) I never thought in my calculatoins.

Looking at their share price performance, I'm not at all surprised. Anyone who bought these overlooked stocks in recent years probably wished they had never heard of them.

I'm a big fan of buying shares after they've gone out of favor. This allows me to buy them at a reduced price, perhaps at a higher yield, and profit when the market cycle returns to normal. Assuming it does.

Croda struggled

Croda's share price is down 26.92% in one year and 56.85% over five years. I thought the stock would be cheaper because of that, but it isn't. It actually trades at 23.32 times earnings, more than today's FTSE 100 average by almost 15 times. Its yield of 2.8% is below the index average of 3.8%.

The chemical manufacturer boasts one thing in its favor. Shareholder payouts have increased for 32 consecutive years. That makes him a true blue-blooded Dividend Aristocrat.

Sales soared during the violence when customers collected chemicals but were beaten back “drinking for a long time”. Croda delivered the worst news on 30 July, as life sciences performance continued to deteriorate, particularly in crop protection and consumer health.

First quarter pre-tax profit fell 27% to £127.3m, with sales down 7.4% to £815.9m. The board also lowered its full-year profit outlook,

I've used a few profit alerts recently to buy FTSE 100 shares at reduced valuations, but I've seen them drop significantly. I fear that may happen here as well. Given the valuation, I'm in no rush to buy Croda today.

Spirax on the rack

Industrial and commercial system products manufacturer Spirax is another Dividend Aristocrat, which has taken shareholder payouts for 33 years. If only the price of Spirax showed the same vim. It is down 25.27% in one year and 51.68% over five.

However it is another low yielder, paying an income of 2.11%. Like Croda, Spirax isn't cheap, trading at 24.26 times earnings. That reflects a sharp 17% drop in 2023 earnings per share to 312.4p. Pre-tax profits fell by 20.6% to £244.5m.

Spirax has had a tough start to 2024, with first-half profit down 10% and earnings per share down 12%. The board blamed ua “weak macroeconomic environment” on key markets and currency issues.

CEO Nimesh Patel expected strong growth in the second half but that is not the case “expect a meaningful recovery until the end of 2024”.

Both stocks have a strikingly similar profile. Their shares are down but not cheap, their budget record is great but yields are low, so are shills and their struggles are not over.

Both need the US and Chinese economies to return to health, but there is little sign of that today. I can see a number of FTSE 100 stocks with very bright prospects, and high yields too. I will look into buying them instead.