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While the growth stocks continue to sell off, many value investors may be starting to look at some and think they are bargains.

But 2022 is not the same market conditions as 2020 and 2021. Instead of loosening, the Federal Reserve will be tightening. And with rates rising, what stocks you want to own will change.

In 2022, investors should be owning companies with earnings and sales.

Screening for Value Stocks Near Their Highs

Instead of trying to time the market for when the growth stocks will be bargains, why not buy value stocks that are breaking out?

You can find the break outs by screening for stocks within 10% of their 52-week highs.

Additionally, adding the Zacks Ranks of #1 (Strong Buy) and #2 (Buy) should get you rising earnings estimates.

And adding the Zacks Style Score for Value of A, which is the highest score, will also get you traditional value stocks with strong value fundamentals.

This screen returned 31 stocks.

3 Value Stocks Breaking Out in 2022

1.       AbbVie (ABBV - Free Report)

AbbVie is a large pharmaceutical company with a market cap of $241 billion.

During volatile times, it’s often considered a safe haven stock because it pays a big dividend, currently yielding 4.1%.

Shares have gained 25.9% over the last 3 months and have hit new all-time highs.

AbbVie is still cheap, even with the rally, as it trades with a forward P/E of just 9.7.

Earnings are expected to jump another 11.2% in 2022 after rising 20% in 2021.

Does AbbVie have more left in the tank in 2022?

2.       The Andersons (ANDE - Free Report)

The Andersons operates in three areas: trading, biofuels and plant nutrients. It operates 70-grain terminals throughout the United States.

This small-cap company is based in Ohio. With agriculture heating up, The Andersons is expected to grow its 2021 earnings by 2,966% to $2.76.

Shares are up 52% over the last year and hit a new 52-week high.

Yet The Andersons is still attractively priced with a forward P/E of 16.8.

It also pays a dividend, currently yielding 1.9%.

Will The Andersons be able to continue on the strong agriculture wave in 2022?

3.       Ingredion (INGR - Free Report)

Ingredion is an ingredient solutions company that specializes in bakery, dairy, beverage and plant-based meat alternatives.

Even though Ingredion has a market cap of $6.7 billion, it is lightly covered on Zacks and only has one estimate for the 2021 and 2022 full year.

Earnings are expected to rise 10.9% in 2021 and another 4.6% in 2022.

Ingredion shares are up 29% to new 52-week highs over the last year. They have even gained in 2022, adding 4%, while the major indexes have taken a tumble and are in the red.

Ingredion is still cheap, even though it’s at new highs, with a forward P/E of 13.9.

Is it time to buy this Zacks Rank #2 (Buy) ingredient company?