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CNBC's Jim Cramer recently called one stock "dirt cheap" and gave 4 more buy ratings on other stock during his "lightning round" segment. Cramer's "dirt cheap" stock is Caterpillar (NYSE:CAT). See all this and some of Cramer's most recent picks here. If you have been watching Cramer lately, you know he has been emphasizing dividend stocks in order to have a buffer with the recent market volatility, so it's no surprise many of these stocks pay dividends. Here is a closer look at the "dirt cheap" Caterpillar shares and four others he also rated as buys.

Starbucks Corporation (NASDAQ:SBUX) is a leading purveyor of premium coffee, tea and other food products. Coffee stocks have been very hot in this market. I would be careful right now and wait for this sector to correct and buy on dips only. This company is seeing strong growth in China. I would only consider this stock on dips because it is not likely to make a big move anytime soon.

Here are some key points for SBUX:
Current share price: $38.42
The 52 week range is $22.50 to $41.11
Earnings estimates for 2011: $1.50 per share
Earnings estimates for 2012: $1.80 per share
Annual dividend: 52 cents per share which yields 1.3%
Book value: $5.77 per share

Caterpillar, Inc. is a leading maker of heavy equipment which includes machinery for agricultural, mining and construction. This stock has come well off of recent highs and now looks like a much better buying opportunity. Cramer calls this stock "dirt cheap" and it has started to rebound with the market. I would consider this stock on any dips.

Here are some key points for CAT:
Current share price: $91.37
The 52 week range is $63.34 to $116.55
Earnings estimates for 2011: $6.79 per share
Earnings estimates for 2012: $9.25 per share
Annual dividend: $1.84 per share which yields 2%

Public Storage (NYSE:PSA) is a real estate investment trust (REIT) that invests in storage facilities. Just days ago, this stock plunged to about $103 per share and very quickly rebounded to nearly $120. Cramer is bullish on this stock but I would wait for lower prices, around the $103 level or less.

Here are some key points for PSA :
Current share price: $119.82
The 52 week range is $94.60 to $123.68
Earnings estimates for 2011: $5.85 per share
Earnings estimates for 2012: $6.14 per share
Annual dividend: $3.80 per share which yields 3.2%
Book value: $31.26 per share

Dover Corp., (NYSE:DOV) manufactures industrial parts and machinery. This stock plunged to about $52 per share and has started to rebound a little. Before the recent market correction, the stock was in the $66 to $70 range. With fresh concerns about the economy, this stock might not get back to that level anytime soon, but Cramer says this company is "well-run" and would buy it.

Here are some key points for DOV:
Current share price: $56.54
The 52 week range is $40.50 to $69.25
Earnings estimates for 2011: $4.59 per share
Earnings estimates for 2012: $5.21 per share
Annual dividend: $1.26 per share which yields 2.3%
Book value: $26.41 per share

BJ's Restaurants (NASDAQ:BJRI) operates a number of casual dining restaurants across the United States. This stock fell from around the $55 level when the market corrected and Cramer's CNBC article says "Cramer thinks this stock has gotten way too hammered lately. Buy, buy, buy." But with barely over $1 per year in earnings, this stock has a high price to earnings ratio of nearly 35. Because of that, I would not buy this stock.

Here are some key points for BJRI :
Current share price: $44.90
The 52 week range is $23.27 to $56.64
Earnings estimates for 2011: $1.09 per share
Earnings estimates for 2012: $1.33 per share
Annual dividend: none

Book value: $11.23 per share

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.

Source: 1 Stock Cramer Calls 'Dirt Cheap' and 4 More Lighting Round Buys