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As the market excitement for dividend stocks increases, it is more difficult to find quality dividend stocks with good earnings growth. For example, Altria Group (NYSE:MO) is trading at a price earnings (P/E) ratio of 16 compared to an industry average of 11. Yet Altria has a projected earnings growth rate of 6.88% over the next 3-5 years. Simply, Altria is trading at a premium based on its dividend yield of 4.67%.

I have identified 2 growth stocks trading at extremely low P/Es compared to their industry averages. These stocks should trade at a higher multiple based on their recent earnings growth. In addition, both stocks have increased their dividends at an above average pace in the past year. Here is a discussion of the two stocks with projected 12-month price targets.

Calumet Specialty Products Partners (NASDAQ:CLMT) is a master limited partnership and is a leading independent producer of high-quality, specialty hydrocarbon products in North America. Calumet processes crude oil and other feed stocks into customized lubricating oils, solvents, waxes and asphalt used in consumer, industrial and automotive products. Calumet also produces fuel products including gasoline, diesel and jet fuel.

Calumet is growing sales through business acquisitions including the recent agreement to acquire Royal Purple, Inc., a manufacturer of lubricants for automotive and industrial applications, for a total consideration of $335 million and an agreement to acquire Montana Refining Company, Inc. for aggregate consideration of $120 million. Calumet is projected to have an earnings growth rate of 29% over the next 3-5 years. Yet, Calumet is currently trading at a P/E of 8.27 compared to the industry average of 13.

For the six months ended June 30, 2012, Calumet reported net income of $117.6 million compared to a net loss of $3.5 million for the same period in 2011. We see specialty products sales increasing 13% to 14% in 2012, based on improving demand and contributions from recent acquisitions. We believe the partnership will benefit from the continued strength in the drilling fluid market, reflecting higher shale production.

On July 20, 2012, the Company declared a quarterly cash distribution of $0.59 per unit on all outstanding units or $35.9 million for the second quarter of 2012. This quarterly distribution represents an increase of 5.4% over the first quarter of 2011 and a 19.2% increase from the second quarter of 2011.

Calumet has a dividend yield of 9.1% and has increased its dividend 31% over the last 3 years. Based on an EPS of $3.07 and a P/E of 9.8, Calumet has a 12-month price target of $30, a 15% increase from the current trading price.

Seagate Technology Public Limited Company (NASDAQ:STX) designs, manufactures, markets, and sells hard disk drives for enterprise storage, client compute, and client non-compute market applications worldwide. It is hard to believe why Seagate is currently trading at a P/E of only 5.29 compared to an industry average of 14.8. Seagate is now trading at a 52-week high but still has significant upside based on its earnings growth.

Seagate was hammered by Wall Street in late July when it projected first-quarter revenue below estimates on slowing PC sales and lower-than-expected growth in the company's enterprise segment. However, Seagate's profit rose to $2.37 per share, or $1.01 billion, from $0.28, or $119 million, a year earlier and revenue jumped 57 percent to $4.48 billion.

On July 30, 2012 the board of directors at Seagate approved a dividend of $0.32 per share. Seagate has a current dividend yield of 3.75%. Seagate has increased its dividend by 26% on average over the past 5 years. The company's payout ratio is 19%.

Seagate ended the fiscal year (6/30/2012) with EPS of $6.75. The company is projecting EPS of $7.48 for fiscal year end 2013. This is an increase of 10.81% for the next year. Based on 2013 earnings of $7.48 and a P/E multiple of 6, Seagate has a 12-month price target of $45.00. This is an increase in price of 30% based on the current stock price.

Source: Growth Companies With Increasing Dividends That Trade At Low P/Es