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Building a strong portfolio takes time, analysis and good planning. It also doesn't hurt to be ever vigilant in finding value and taking it when the market gives it.

Here is a hand-picked short list of stocks for further research in the mid-cap space with low forward price-to-earnings ratios and healthy projected earnings growth that could end up being opportunistic plays for 2013.

Goodyear Tire & Rubber Co. (GT)

Pros:

Forward P/E of 4.75

P/C of 1.29

EPS growth next 5 years of 41.1%

Cons:

High P/B of 7.96

Low ROA and ROI of 1.37% and 2.19%

High Debt/Equity of 13.75

In a time when the majority of significant economic growth is occurring in up and coming countries like Vietnam or Indonesia, the demand for automobiles should grow steadily. Companies like Goodyear, which have good brand recognition and history, stand to benefit greatly from such a growing second world. It's a significant holding of David Tepper's Appaloosa Management, Steve Cohen's SAC Capital, and Ray Dalio's Bridgewater Associates.

Be warned, however, Goodyear has significant pension liabilities that should act as a headwind going forward, making it more than likely a good medium-term play of 1-3 years and potentially not such a good prospect for the long haul. You'd have to think given the potential negatives of the company that if it were to rise dramatically, say 50% in the next couple years then most of the big-time hedge funds would probably sell, but that's merely conjecture.

Warner Chilcott plc (WCRX)

Pros

Forward P/E of 4.40

Dividend of 3.69%

Short float of 1.08%

P/FCF of 4.64

Cons

Low Projected 5-year EPS growth of 2.3%

This Irish phamaceutical player hasn't been getting a lot of respect from the market lately. Revenue declines from sales of the Actonel and Doryx lines seem to be the main culprit. Yet the company still expects to earn between 3.20-3.30/share in FY 2013, putting the company below a 5 P/E, which makes the stock pretty cheap to buy for future prospects. Easily the cheapest of the larger Pharma companies, it also beat last quarter's analyst estimates of .73 with a .91 EPS before one-time expenses. Sales of Loestrin, Asacol, Estrace and their oral contraceptive products all rose at a healthy rate, balancing out Actonel and Doryx declines.

Ocwen Financial Corporation (OCN)

Pros

Forward P/E of 6.51

Projected EPS growth next 5 years of 23.00%

High Profit Margin of 21.41%

Short Float of 1.98%

Cons

Considerable long-term debt/equity of .62

Recent Downgrade and 12-month performance of 147%

A large mortgage origination company comfortably situated in the U.S housing recovery, OCN's stock has been on an absolute tear in the last year. Though that performance shows few signs of abating given its lack of short float and its value-oriented metrics. Ocwen is in growth mode, recently acquiring Liberty Home Equity Solutions from Genworth and acquired 90 billion worth of mortgage servicing rights from Ally.

Source: 3 Potentially Bargain Mid Caps To Consider For Today's Market