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As the market has been setting record highs in recent days, it's getting harder to find good values that are worth buying now. Many stocks are also at or near 52-week highs, however, Jim Cramer believes the hunt for value will lead investors into "old" tech stocks that are still cheap now. On the March 8th episode of "Mad Money", Cramer said he is seeing a lot more interest in these types of stocks and he specifically mentioned Texas Instruments (NASDAQ:TXN), as well as Cisco Systems (NASDAQ:CSCO), JDS Uniphase (NASDAQ:JDSU) and a few others. In this video, Cramer discusses the merits and new found interest in old tech stocks. He said "Overlooked unloved technology is beginning to work." He also said "The move into old tech is in its infancy and those left behind stocks are now ready to run."

It is said that a "rising tide lifts all boats", and with that in mind, Cramer could be right about looking at old tech stocks for value. In an overbought market, these stocks still offer value and could be next to enjoy solid gains. Here are a couple of "old tech" stocks that look undervalued now, which are getting a buy rating from Cramer:

Cisco Systems was once a high-flying darling of Wall Street and investors used to pay a lot more for this stock. However, once a company sees slower growth, investors often respond by limiting what they will pay in terms of the price to earnings ratio. Cisco once commanded a PE ratio of 50 times earnings or more, but today, it is closer to about 11 times earnings. Furthermore, Cisco pays a solid dividend which now yields about 2.7%.

Cisco is facing challenges from other competitors but it remains a leader in networking. Another potential risk factor is that Cisco could see reduced government spending due to the recent budget cutbacks that were recently imposed. However, corporate IT spending could be poised to grow and offset the declines in government spending as the economy continues to show signs of improvement.

Cisco has a rock-solid balance sheet with about $46.38 billion in cash and just around $16.29 billion in debt. This financial strength reduces risks for investors and it gives the company flexibility to invest in growth strategies whether it is further research and development or buying the next promising technology start-up. With many tech stocks trading for 20 times earnings of more, Cisco looks like a solid value, especially on any pullbacks.

Here are some key points for CSCO:
Current share price: $21.83
The 52 week range is $14.96 to $21.97
Earnings estimates for 2013: $1.99 per share
Earnings estimates for 2014: $2.11 per share
Annual dividend: 56 cents per share which yields 2.7%

Texas Instruments, Inc. is a leading manufacturer of semiconductors and other related products. Its integrated circuits are used for industrial, energy, medical, safety and security applications, and in many consumer tech products. This includes popular items such as smartphones, tablets, laptops, electronics, and other products.

This company has a solid balance sheet with about $3.96 billion in cash and around $5.69 billion in debt. Analysts expect earnings to jump roughly 25%, from about $1.60 in 2013 to around $2.03 in 2014. That is the kind of earnings growth that could get investors back into "old tech" stocks. Furthermore, a solid balance sheet and earnings growth should allow the company to raise the dividend in the future.

Texas Instruments has been creating value for shareholders through dividend increases and stock repurchases. The company has raised the dividend for 8 years in a row, and since 2004, it has repurchased about $22 billion worth of stock. That represents roughly 775 million shares. Stock buybacks reduce the share count and this can boost future earnings and the book value of a stock. The dividend payout has been rising rapidly in recent years. For example, in 2007, the quarterly dividend was just 3 cents per share. Thanks to regular increases, the quarterly dividend is now 28 cents. That's a nearly ten-fold increase in just a few years. The history of dividend increases, share buy backs and a reasonable valuation makes this stock worth buying on dips.

Here are some key points for TXN:
Current share price: $35.29
The 52 week range is $26.06 to $35.32
Earnings estimates for 2012: $2.22 per share
Earnings estimates for 2013: $2.36 per share
Annual dividend: 84 cents per share which yields 2.4%

Data is sourced from Yahoo Finance. No guarantees or representations are made. Hawkinvest is not a registered investment advisor and does not provide specific investment advice. The information is for informational purposes only. You should always consult a financial advisor.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Source: Cramer Says It's Time To Buy Cisco And Texas Instruments