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Do you consider yourself a value investor? For a closer look at stocks that could be trading below their fair value, we ran a screen.

We began by screening for stocks that appear to be undervalued relative to earnings growth, with PEG below 1, and relative to free cash flow, with P/FCF below 15.

We then screened for those with bullish sentiment from institutional investors, with significant net institutional purchases over the last quarter, representing at least 5% of share float. This indicates that institutional investors such as hedge fund managers and mutual fund managers expect these names to outperform.

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Do you think hedge funds are calling it right on these names? Use this list as a starting point for your own analysis.

List sorted by net institutional purchases over the last quarter as a percent of share float.

1. JetBlue Airways Corporation (NASDAQ:JBLU): Provides passenger air transportation services in the United States. Market cap at $1.18B, most recent closing price at $4.15. PEG at 0.75. P/FCF at 13.51. Net institutional purchases in the current quarter at 44.2M shares, which represents about 18.95% of the company's float of 233.28M shares.

2. Capital One Financial Corp. (NYSE:COF): Operates as the bank holding company for the Capital One Bank, National Association and Capital One, National Association, which provide various financial products and services in the United States, Canada, and the United Kingdom. Market cap at $22.45B, most recent closing price at $49.13. PEG at 0.69. P/FCF at 3.42. Net institutional purchases in the current quarter at 89.5M shares, which represents about 17.79% of the company's float of 503.20M shares.

3. MGM Resorts International (NYSE:MGM): Operates casino resorts in the United States. Market cap at $5.05B, most recent closing price at $10.33. PEG at 0.15. P/FCF at 8.98. Net institutional purchases in the current quarter at 55.8M shares, which represents about 16.71% of the company's float of 333.84M shares.

4. American International Group, Inc. (NYSE:AIG): The company operates property and casualty insurance networks worldwide and conducts activities in the U.S. life insurance and retirement services industry. Market cap at $50.82B, most recent closing price at $28.33. PEG at 0.18. P/FCF at 9.62. Net institutional purchases in the current quarter at 74.9M shares, which represents about 15.04% of the company's float of 497.87M shares.

5. C&J Energy Services, Inc. (NYSE:CJES): Through its wholly-owned subsidiary, C&J Spec-Rent Services, Inc., provides specialty equipment services for oil and natural gas exploration and production companies in the Texas, Louisiana, and Oklahoma regions of the United States. Market cap at $867.57M, most recent closing price at $16.70. PEG at 0.24. P/FCF at 12.09. Net institutional purchases in the current quarter at 4.0M shares, which represents about 11.13% of the company's float of 35.93M shares.

6. SYNNEX Corp. (NYSE:SNX): Provides distribution and business process outsourcing services to resellers, retailers and original equipment manufacturers. Market cap at $1.25B, most recent closing price at $33.67. PEG at 0.78. P/FCF at 6.33. Net institutional purchases in the current quarter at 2.6M shares, which represents about 9.89% of the company's float of 26.29M shares.

7. Artio Global Investors Inc. (NYSE:ART): Is a publicly owned asset management holding company. Market cap at $181.41M, most recent closing price at $3.05. PEG at 0.38. P/FCF at 7.35. Net institutional purchases in the current quarter at 4.0M shares, which represents about 8.94% of the company's float of 44.72M shares.

8. Booz Allen Hamilton Inc. (NYSE:BAH): Provides professional services primarily to US government agencies in the defense, security, and civil sectors, as well as to corporations, institutions and not-for-profit organizations. Market cap at $2.02B, most recent closing price at $15.29. PEG at 0.75. P/FCF at 11.58. Net institutional purchases in the current quarter at 2.3M shares, which represents about 8.54% of the company's float of 26.92M shares.

9. FTI Consulting, Inc. (NYSE:FCN): Operates as a business advisory company worldwide. Market cap at $1.29B, most recent closing price at $30.76. PEG at 0.85. P/FCF at 10.39. Net institutional purchases in the current quarter at 3.1M shares, which represents about 7.91% of the company's float of 39.18M shares.

10. InfoSpace, Inc. (INSP): Develops search tools and technologies that assist consumers with finding content and information on the Internet. Market cap at $503.58M, most recent closing price at $12.58. PEG at 0.63. P/FCF at 12.08. Net institutional purchases in the current quarter at 2.4M shares, which represents about 6.75% of the company's float of 35.57M shares.

11. WABCO Holdings Inc. (NYSE:WBC): Develops, manufactures, and sells braking, stability, suspension, and transmission control systems primarily for commercial vehicles. Market cap at $3.3B, most recent closing price at $51.15. PEG at 0.66. P/FCF at 13.42. Net institutional purchases in the current quarter at 3.9M shares, which represents about 6.49% of the company's float of 60.06M shares.

12. Sun Healthcare Group, Inc. (NASDAQ:SUNH): Provides health care services primarily for senior population in the United States. Market cap at $368.02M, most recent closing price at $4.92. PEG at 0.56. P/FCF at 5.5. Net institutional purchases in the current quarter at 1.3M shares, which represents about 6.37% of the company's float of 20.42M shares.

13. Multimedia Games Inc. (NASDAQ:MGAM): Engages in the development and supply of comprehensive systems, content, electronic games, and player terminals for the casino, charity, international bingo, and video lottery markets in the United States and Internationally. Market cap at $351.83M, most recent closing price at $12.85. PEG at 0.66. P/FCF at 11.33. Net institutional purchases in the current quarter at 1.7M shares, which represents about 6.32% of the company's float of 26.90M shares.

14. Focus Media Holding Ltd. (NASDAQ:FMCN): Operates out-of-home advertising network using audiovisual digital displays in China. Market cap at $2.65B, most recent closing price at $20.47. PEG at 0.69. P/FCF at 10.97. Net institutional purchases in the current quarter at 4.6M shares, which represents about 5.48% of the company's float of 83.88M shares.

15. Datalink Corp. (NASDAQ:DTLK): Engages in the design, installation, and support of data center solutions to mid and large-size companies. Market cap at $195.84M, most recent closing price at $10.85. PEG at 0.8. P/FCF at 13.79. Net institutional purchases in the current quarter at 785.4K shares, which represents about 5.12% of the company's float of 15.35M shares.

16. LeapFrog Enterprises Inc. (NYSE:LF): Provides technology-based learning platforms worldwide. Market cap at $642.71M, most recent closing price at $9.63. PEG at 0.98. P/FCF at 11.92. Net institutional purchases in the current quarter at 2.7M shares, which represents about 5.12% of the company's float of 52.70M shares.

17. Almost Family Inc. (NASDAQ:AFAM): Provides home health services in the United States. Market cap at $197.77M, most recent closing price at $21.22. PEG at 0.99. P/FCF at 9.54. Net institutional purchases in the current quarter at 416.4K shares, which represents about 5.05% of the company's float of 8.25M shares.

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

Source: 17 Highly Undervalued Stocks That Are Being Bought Aggressively By Hedge Funds