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One of the biggest considerations many investors make when deciding to purchase a stock is its value. If a stock is attractively priced relative to the value it holds, it will find potential buyers very easily.

Keeping this idea in mind, we ran a screen on highly undervalued stocks, with PEG below 1 and P/FCF below 15. Based on these two measures, these stock prices are relatively low and the stock may be undervalued.

We then screened these names to find those with the most significant net institutional buying over the current quarter (i.e. buying over the fourth quarter of 2011, reported over the last three months), with net institutional purchases representing at least 5% of share float. This indicates that on average, institutional investors such as hedge fund managers expect these names to outperform in the near future.

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

Do you think these stocks are poised to move higher? Use this list as a starting point for your own analysis.

1. AmTrust Financial Services, Inc. (AFSI): Operates as a multinational specialty property and casualty insurance company in the United States and internationally. Market cap at $1.62B.Price at $26.85. PEG at 0.82. P/FCF at 7.86. Net institutional purchases in the current quarter at 2.6M shares, which represents about 14.5% of the company's float of 17.93M shares.

2. Booz Allen Hamilton Inc. (BAH): Provides professional services primarily to U.S. government agencies in the defense, security and civil sectors, as well as to corporations, institutions and not-for-profit organizations. Market cap at $2.25B.Price at $17.32. PEG at 0.77. P/FCF at 12.9. Net institutional purchases in the current quarter at 2.5M shares, which represents about 8.12% of the company's float of 30.78M shares.

3. Bridgepoint Education, Inc. (BPI): Provides post-secondary education services. Market cap at $1.29B.Price at $25.50. PEG at 0.45. P/FCF at 6.92. Net institutional purchases in the current quarter at 873.3K shares, which represents about 5.1% of the company's float of 17.11M shares.

4. Coeur d`Alene Mines Corporation (CDE): Engages in the ownership, operation, exploration and development of silver and gold mining properties located primarily in South America, Mexico, the United States and Australia. Market cap at $2.13B. Price at $24.41. PEG at 0.47. P/FCF at 7.21. Net institutional purchases in the current quarter at 4.5M shares, which represents about 5.03% of the company's float of 89.55M shares.

5. CIGNA Corporation (CI): Operates as a health service organization. Market cap at $14.15B.Price at $49.59. PEG at 1. P/FCF at 13.24. Net institutional purchases in the current quarter at 15.4M shares, which represents about 5.39% of the company's float of 285.67M shares.

6. DepoMed Inc. (DEPO): Develops and commercializes pharmaceutical products based on its proprietary oral drug delivery technologies in the United States. Market cap at $347.81M.Price at $6.44. PEG at 0.17. P/FCF at 6.11. Net institutional purchases in the current quarter at 2.6M shares, which represents about 5.03% of the company's float of 51.72M shares.

7. ITT Educational Services Inc. (ESI): Offers post-secondary degree programs in the U.S. that provide diplomas as well as associate's, bachelor's and master's degrees. Market cap at $1.64B.Price at $68.50. PEG at 0.99. P/FCF at 4.59. Net institutional purchases in the current quarter at 854.6K shares, which represents about 5.1% of the company's float of 16.75M shares.

8. Ocwen Financial Corp. (OCN): Provides residential and commercial mortgage loan servicing, special servicing and asset management services. Market cap at $2.03B.Price at $15.86. PEG at 0.94. P/FCF at 2.08. Net institutional purchases in the current quarter at 25.6M shares, which represents about 24.06% of the company's float of 106.42M shares.

9. PDL BioPharma, Inc. (PDLI): Engages in the management of antibody humanization patents and royalty assets, which consist of Queen et al. Market cap at $889.64M. Price at $6.44. PEG at 0.39. P/FCF at 10.35. Net institutional purchases in the current quarter at 10.6M shares, which represents about 8.8% of the company's float of 120.43M shares.

10. Sauer-Danfoss Inc. (SHS): Designs, manufactures and markets hydraulic, electronic and mechanical components, as well as software and integrated systems that generate, transmit and control power in mobile equipment. Market cap at $2.28B.Price at $47.54. PEG at 0.71. P/FCF at 7.06. Net institutional purchases in the current quarter at 777.4K shares, which represents about 6.69% of the company's float of 11.62M shares.

11. SanDisk Corp. (SNDK): Designs, develops, manufactures and markets NAND-based flash data storage card products that are used in various consumer electronics products. Market cap at $12.02B. Price at $49.53. PEG at 0.78. P/FCF at 13.96. Net institutional purchases in the current quarter at 17.8M shares, which represents about 7.46% of the company's float of 238.50M shares.

12. Sun Healthcare Group Inc. (SUNH): Provides healthcare services primarily for senior population in the United States. Market cap at $511.63M.Price at $6.91. PEG at 0.75. P/FCF at 7.65. Net institutional purchases in the current quarter at 1.0M shares, which represents about 5.04% of the company's float of 19.85M shares.

13. Symetra Financial Corporation (SYA): Operates as a financial services company in the life insurance industry in the United States. Market cap at $1.37B.Price at $11.80. PEG at 0.82. P/FCF at 1.51. Net institutional purchases in the current quarter at 18.1M shares, which represents about 13.24% of the company's float of 136.72M shares.

14. TriMas Corporation (TRS): Designs, manufacturers and distributes various products for commercial, industrial and consumer markets worldwide. Market cap at $775.59M.Price at $23.55. PEG at 0.69. P/FCF at 12.27. Net institutional purchases in the current quarter at 1.4M shares, which represents about 5.18% of the company's float of 27.04M shares.

15. USANA Health Sciences Inc. (USNA): Develops, manufactures, distributes and sells nutritional and personal care products worldwide. Market cap at $559.58M.Price at $37.86. PEG at 0.72. P/FCF at 9.41. Net institutional purchases in the current quarter at 421.8K shares, which represents about 6.2% of the company's float of 6.80M shares.

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

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: 15 Highly Undervalued Stocks Bought Up By Hedge Funds