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If you consider yourself a value investor, here are some ideas to get started on your stock search.

We ran a screen on stocks that have had positive performance quarter-to-quarter for those that still appear undervalued, with PEG below 1 and Price to Free Cash Flow ratios below 15.

If you follow the actions of large institutional investors such as hedge funds, we further filtered the stocks for those with significant net institutional purchases over the last quarter representing at least 5% of share float. This indicates that institutional investors such as hedge fund managers and mutual fund managers expect these names to outperform into the future.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top 6 stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.

Do you think institutions are right about buying these undervalued, and profitable stocks? We recommend you do your own analysis by starting with the list here. List sorted by institutional purchases.

1. American International Group, Inc. (NYSE:AIG): Operates property and casualty insurance networks worldwide and conducts activities in the U.S. life insurance and retirement services industry. Market cap at $46.95B, most recent closing price at $31.80. PEG at 0.15, P/FCF at 11.52, and EPS growth quarter-over-quarter at 160%. Net institutional purchases in the current quarter at 380.1M shares, which represents about 30.65% of the company's float of 1.24B shares.

2. MagicJack VocalTec Ltd. (NASDAQ:CALL): Offers voice-over-Internet-protocol telephone services. The Company developed and markets computer software and hardware for making telephone calls over the Internet. Market cap at $317.32M, most recent closing price at $16.64. PEG at 0.80, P/FCF at 5.62, and EPS growth quarter-over-quarter 1911%. Net institutional purchases in the current quarter at 1.9M shares, which represents about 23.54% of the company's float of 8.07M shares.

3. MagnaChip Semiconductor Corporation (NYSE:MX): Designs and manufactures analog and mixed-signal semiconductor products for high-volume consumer applications. Market cap at $425.77M, most recent closing price at $11.84. PEG at 0.49, P/FCF at 9.46, and EPS growth quarter-over-quarter at 191%. Net institutional purchases in the current quarter at 2.5M shares, which represents about 14.07% of the company's float of 17.77M shares.

4. USANA Health Sciences Inc. (NYSE:USNA): Develops, manufactures, distributes, and sells nutritional and personal care products worldwide. Market cap at $642.42M, most recent closing price at $44.52. PEG at 0.69, P/FCF at 9, and EPS growth quarter-over-quarter at 44%. Net institutional purchases in the current quarter at 783.2K shares, which represents about 12.28% of the company's float of 6.38M shares.

5. Smith & Wesson Holding Corporation (NASDAQ:SWHC): Offers metal processing services and manufactures firearms and handcuffs as well as apparel and sportsmen's articles. Market cap at $617.67M, most recent closing price at $9.43. PEG at 0.66, P/FCF at 13.27, and EPS growth quarter-over-quarter at 705%. Net institutional purchases in the current quarter at 6.5M shares, which represents about 10.36% of the company's float of 62.72M shares.

6. Innospec Inc. (NASDAQ:IOSP): Engages in the development, manufacture, blending, and marketing of fuel additives and other specialty chemicals to oil refineries, and other chemical and industrial companies worldwide. Market cap at $710.74M, most recent closing price at $30.53. PEG at 0.85, P/FCF at 11.56, and EPG growth quarter-over-quarter at 191%. Net institutional purchases in the current quarter at 1.9M shares, which represents about 8.37% of the company's float of 22.69M shares.

7. Spirit Airlines, Inc. (NASDAQ:SAVE): Provides passenger airline service primarily to leisure travelers and travelers visiting friends and relatives. Market cap at $1.18B, most recent closing price at $16.32. PEG at 0.54, P/FCFC at 14, and EPS growth quarter-over-quarter at 11.31%. Net institutional purchases in the current quarter at 3.5M shares, which represents about 6.78% of the company's float of 51.62M shares.

8. Kimball International, Inc. (NASDAQ:KBALB): Manufacturers and sells electronic assemblies and furniture in the United States and internationally. Market cap at $450.11M, most recent closing price at $11.82. PEG at 0.97, P/FCF at 10.65, and EPS growth quarter-over-quarter at 3465%. Net institutional purchases in the current quarter at 1.9M shares, which represents about 6.62% of the company's float of 28.70M shares.

9. Select Medical Holdings Corporation (NYSE:SEM): Operates specialty hospitals and outpatient rehabilitation clinics in the United States. Market cap at $1.5B, most recent closing price at $10.70. PEG at 0.95, P/FCF at 7.22, and EPS growth quarter-over-quarter at 3%. Net institutional purchases in the current quarter at 2.1M shares, which represents about 5.99% of the company's float of 35.03M shares.

10. Hanmi Financial Corporation (NASDAQ:HAFC): Operates as the holding company for Hanmi Bank that provides general business banking products and services in the United States. Market cap at $370.95M, most recent closing price at $11.78. PEG at 0.55, P/FCF at 5.62, and EPS growth quarter-over-quarter at 89%. Net institutional purchases in the current quarter at 1.7M shares, which represents about 5.57% of the company's float of 30.53M shares.

*Institutional data sourced from Fidelity, all other data sourced from Finviz.

Source: 10 Technically Undervalued And Increasingly Profitable Stocks Being Bought By Hedge Funds