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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.

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 1-year return over the past two years:

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): The company operates property and casualty insurance networks worldwide and conducts activities in the U.S. life insurance and retirement services industry. Market cap at $50.11B, most recent closing price at $33.94.

Net institutional purchases in the current quarter at 498.9M shares, which represents about 40.23% of the company's float of 1.24B shares. As of September 29th, 2012, the 2 top holders of the stock are Fairholme Capital Management (5.86%), and Vanguard (3.28%).

PEG at 0.14, P/FCF at 12.30, and EPS growth next 5-years at 18%.

Today, AIG announced that it sold its remaining stake in Asian life insurer AIA Group for $6.4 billion. The company plans to use the proceeds for general corporate purposes.

2. Blyth, Inc. (NYSE:BTH): Operates as a multi-channel company in the home fragrance and decorative accessories industry. Market cap at $301.11M, most recent closing price at $17.65.

Net institutional purchases in the current quarter at 2.9M shares, which represents about 30.72% of the company's float of 9.44M shares. As of September 30th, the 2 top holders of the stock are Gilder, Gagnon & Howe (7.59%), and Nantahala Capital Mgmt. (4.77%).

PEG at 0.83, P/FCF at 5.84, and EPS growth next 5-years at 10%.

All eyes are on earnings as the company recently announced that earnings per share are expected to be $2.28-$2.43 for the year ending December 31st, 2012 versus its previous guidance of $2.47-$2.62.

3. Peabody Energy Corp. (NYSE:BTU): Engages in the exploration, mining, and production of coal. Market cap at $7.43B, most recent closing price at $27.68.

Net institutional purchases in the current quarter at 23.2M shares, which represents about 8.68% of the company's float of 267.26M shares. As of September 29th, 2012, the 2 top holders of the stock are JP Morgan (6.14%), and Vanguard (5.81%).

PEG at 0.63, P/FCF at 12.05, and EPS growth next 5-years at 15%.

Last night, Bank of Montreal lowered the company's price target from $36.5 to $32. The shares fell 3.7%, closing at $27.68.

4. MagicJack VocalTec Ltd. (NASDAQ:CALL): Provides voice over Internet protocol (VoIP ) services in the United States. Market cap at $310.65M, most recent closing price at $16.29.

Net institutional purchases in the current quarter at 1.1M shares, which represents about 13.45% of the company's float of 8.18M shares. As of September 29th, 2012, the 2 top holders of the stock are Susquehanna International group (5%), and Thompson, Siegel & Walmsley (3.95%).

PEG at 0.78, P/FCF at 5.50, and EPS growth next 5 years at 17.5%.

On November 9th, 2012, the stock jumped the most in three weeks as the company announced that lower marketing costs will boost net income. The company raised 2012 operating income forecast to $155 million without giving any details on previous estimates.

5. Calumet Specialty Products Partners LP (NASDAQ:CLMT): Produces and sells specialty hydrocarbon products in North America. Market cap at $1.76B, most recent closing price at $30.60.

Net institutional purchases in the current quarter at 2.6M shares, which represents about 6.87% of the company's float of 37.87M shares. As of September 30th, 2012, the top 2 holders of the stock are Morgan Stanley (5.21%), and Citigroup (3.56%).

PEG at 0.55, P/FCF at 9.91, and EPS growth next 5-years at 17%.

Yesterday, the company announced it is buying NuStar's San Antonio, Texas refinery assets for about $115 million. The transaction will be financed with a combination of cash, and available borrowings under its credit facility.

6. Cooper Tire & Rubber Co. (NYSE:CTB): Together with its subsidiaries, manufactures and markets replacement tires in North America and internationally. Market cap at $1.51B, most recent closing price at $24.07.

Net institutional purchases in the current quarter at 3.4M shares, which represents about 5.81% of the company's float of 58.52M shares. As of September 29th, 2012, the 2 top holders of the stock are the Vanguard group (5.56%), and National Rural Electric (4.5%).

PEG at 0.65, P/FCF at 5.26, and EPS growth next 5-years at 7%.

In November, the company reported more than a four fold increase in earnings to $74.1 million versus $17.3 million last year.

7. Intersections Inc. (NASDAQ:INTX): Provides subscription based consumer protection services and other consumer products and services primarily in the United States. Market cap at $170.64M, most recent closing price at $9.48.

Net institutional purchases in the current quarter at 1.1M shares, which represents about 11.65% of the company's float of 9.44M shares. As of September 30th, 2012, the 2 top holders of the stock are Heartland Advisors (6.85%), and Dimensional Fund Advisors (5%). P

EG at 0.80, P/FCF at 6.69, and EPS growth next 5-years at 10%.

The company has announced that it has entered into a trading plan in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934 to facilitate repurchases by the Company of up to $3.0 million of its common stock. This repurchase plan commenced on December 1, 2012 and will remain in effect until May 31, 2013.

Source: 7 Technically Undervalued And Profitable Stocks Being Bought By Hedge Funds