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Do you prefer stocks trading at low prices per share? One thing to keep in mind is avoiding value traps, or stocks that appear to hold value but are trading at low stock prices for a reason.

We ran a screen with this idea in mind. We began with stocks trading under $5 a share and then screened for those that appear undervalued by two measures: PEG ratio and change in earnings estimates over the last month.

We first screened for stocks with PEG below 1. To substantiate this, we also screened for stocks with faster growth in EPS than price over the last 30 days.

Based on the assumption that P/E is equal to a constant k, increases in EPS should be matched by increases in price. When they don't match up, the stock may have more value to price - in other words, it might be undervalued.

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

Do you think these names should be trading higher? Use this list as a starting point for your own analysis.

1. The McClatchy Company (MNI): Operates as a newspaper publisher in the United States. Market cap at $237.50M. Price at $2.76. PEG at 0.88. The EPS estimate for the company's current year increased from 0.47 to 0.52 over the last 30 days, an increase of 10.64%. This increase came during a time when the stock price changed by -2.16% (from 2.78 to 2.72 over the last 30 days).

2. Navios Maritime Holdings Inc. (NM): Operates as a seaborne shipping and logistics company in Greece. Market cap at $392.23M. Price at $3.81. PEG at 0.65. The EPS estimate for the company's current year increased from 0.48 to 0.49 over the last 30 days, an increase of 2.08%. This increase came during a time when the stock price changed by -1.97% (from 4.07 to 3.99 over the last 30 days).

3. LIN TV Corp. (TVL): Operates as a local television and digital media company that owns, operates, and services 32 television stations, and interactive television station and niche Websites in 17 U. Market cap at $215.78M. Price at $3.91. PEG at 0.88. The EPS estimate for the company's current year increased from 0.86 to 0.87 over the last 30 days, an increase of 1.16%. This increase came during a time when the stock price changed by -1.71% (from 4.09 to 4.02 over the last 30 days).

4. China Xiniya Fashion Limited (XNY): Engages in the design and manufacture of men's business casual and business formal apparel and accessories. Market cap at $100.34M. Price at $1.72. PEG at 0.16. The EPS estimate for the company's current year increased from 0.55 to 0.59 over the last 30 days, an increase of 7.27%. This increase came during a time when the stock price changed by -5.% (from 1.8 to 1.71 over the last 30 days).

*EPS data sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: 4 Stocks Under $5 Undervalued By Earnings Trends