Even as the bull market soon turns 10 years old, you might be surprised about how many stocks are trading much lower than their all-time highs. Taking a closer look can provide food for thought for bargain hunters.

In Seeking Alpha last week, Chuck Carnevale made the case for Whirlpool US:WHR as ”an uncommon value opportunity” despite “some operating challenges.” The stock closed at $105.37 on Oct. 15, down 51% from its all-time closing high of $215 on March 2, 2015. It also features a dividend yield of 4.37%. The quarterly dividend of $1.15 a share has more than doubled over the past six years.

With Whirlpool down so much from its all-time closing high, during a period in which the S&P 500 Index US:SPX had risen 30% (excluding dividends), you might be wondering how many stocks may also be way off their highs.

Here are some interesting numbers about the S&P 500, according to data provided by FactSet.

• Among the S&P 500, 250 stocks were down 20% or more from their all-time closing highs (adjusted for splits and spin-offs) as of the close on Oct. 15.

• 162 were down at least 30% from their all-time highs.

• 113 were down at least 40% from their all-time highs.

• 69 were down at least 50% from their all-time highs.

Those are a lot of stocks. Some of them hit their all-time (adjusted) closing highs a long time ago. An example is American International Group US:AIG, which was bailed out by the U.S. government in 2008. The government eventually was made whole after its preferred shares were converted to common shares and sold to the public at a profit. The net effect of the recapitalization by the government was the near-total wipe-out of the value of the company’s pre-crisis shares. So the stock is down 97% from its closing high (again, adjusted for splits, reverse splits and spin-offs) of $1,737.37 on Feb. 8, 2000, according to FactSet.

From our Whirlpool inspiration, we decided to pare the “down 50% or more” group to the 26 S&P 500 companies that hit their all-time adjusted closing highs within the past five years. The list is sorted by how much each stock has declined from its high:

Company Ticker Industry Closing price - Oct. 15 Adjusted all-time high closing price Date of adjusted all-time high Decline from all-time high Price change - 2018 through Oct. 15 L Brands Inc. US:LB Apparel/Footwear Retail $31.58 $100.22 11/04/2015 -68% -48% Newell Brands Inc US:NWL Industrial Conglomerates $17.43 $54.89 08/15/2016 -68% -44% Coty Inc. Class A US:COTY Household/Personal Care $11.10 $32.68 07/01/2015 -66% -44% Stericycle Inc. US:SRC Services to the Health Industry $52.52 $150.84 10/19/2015 -65% -23% Under Armour Inc. Class A US:UAA Apparel/Footwear $18.76 $53.78 09/17/2015 -65% 30% Perrigo Co. Plc US:PRGO Pharmaceuticals $71.82 $203.69 04/14/2015 -65% -18% Viacom Inc. Class B US:VIAB Movies/Entertainment $31.78 $88.90 03/10/2014 -64% 3% Kinder Morgan Inc. Class P US:KMI Oil and Gas Pipelines $17.54 $44.57 04/23/2015 -61% -3% Noble Energy Inc. US:NBL Oil and Gas Production $31.90 $79.23 06/23/2014 -60% 9% Incyte Corp. US:INCY Biotechnology $62.03 $152.66 03/15/2017 -59% -35% TripAdvisor Inc. US:TRIP Other Consumer Services $45.00 $110.21 06/27/2014 -59% 31% Dish Network Corp. Class A US:DISH Cable/Satellite TV $33.68 $79.41 11/28/2014 -58% -29% Mylan N.V. US:MYL Pharmaceuticals $32.37 $76.06 04/24/2015 -57% -23% EQT Corp. US:EQT Oil and Gas Production $46.95 $109.84 05/02/2014 -57% -18% Williams Cos. US:WMB Oil and Gas Pipelines $26.77 $60.86 06/22/2015 -56% -12% Nektar Therapeutics US:NKTR Biotechnology $49.08 $108.44 03/08/2018 -55% -18% Macy's Inc. US:M Department Stores $33.39 $72.80 07/16/2015 -54% 33% Wynn Resorts Ltd. US:WYNN Casinos/Gaming $114.67 $247.95 03/04/2014 -54% -32% Nielsen Holdings Plc US:NLSN Advertising/Marketing Services $26.26 $55.81 07/22/2016 -53% -28% Western Digital Corp. US:WDC Computer Peripherals $54.50 $114.28 12/22/2014 -52% -31% Hanesbrands Inc. US:HBI Apparel/Footwear $16.63 $34.58 04/23/2015 -52% -20% National Oilwell Varco Inc. US:NOV Oilfield Services/Equipment $42.18 $86.43 08/29/2014 -51% 17% Whirlpool Corp. US:WHR Electronics/Appliances $105.37 $215.00 03/02/2015 -51% -38% Franklin Resources Inc. US:BEN Investment Managers $28.95 $58.84 12/08/2014 -51% -33% Marathon Oil Corp. US:MRO Oil and Gas Production $20.84 $41.69 08/29/2014 -50% 23% Schlumberger Ltd. US:SLB Oilfield Services/Equipment $59.55 $117.95 06/30/2014 -50% -12% Source: FactSet

You can click on the tickers for more information about each company, including news, price ratios, charts and financials.

Here’s the list again, this time sorted by the percentage of “buy” or equivalent ratings among sell-side analysts:

Company Ticker Share 'buy' ratings Share neutral ratings Share 'sell' ratings Closing price - Oct. 25 Consensus price target Implied 12-month upside potential Kinder Morgan Inc. Class P US:KMI 78% 22% 0% $17.54 $21.58 23% Williams Cos. US:WMB 73% 27% 0% $26.77 $33.70 26% Nektar Therapeutics US:NKTR 70% 20% 10% $49.08 $81.11 65% EQT Corp. US:EQT 67% 33% 0% $46.95 $62.82 34% Incyte Corp. US:INCY 64% 36% 0% $62.03 $83.79 35% Marathon Oil Corp. US:MRO 62% 38% 0% $20.84 $24.91 20% Noble Energy Inc. US:NBL 61% 33% 6% $31.90 $42.33 33% Nielsen Holdings Plc US:NLSN 61% 39% 0% $26.26 $28.75 9% Western Digital Corp. US:WDC 60% 40% 0% $54.50 $97.31 79% Schlumberger Ltd. US:SLB 57% 43% 0% $59.55 $74.17 25% Mylan N.V. US:MYL 55% 45% 0% $32.37 $44.94 39% Stericycle Inc. US:SRCL 46% 54% 0% $52.52 $75.75 44% Dish Network Corp. Class A US:DISH 43% 43% 14% $33.68 $45.95 36% Wynn Resorts Ltd. US:WYNN 42% 58% 0% $114.67 $171.94 50% Hanesbrands Inc. US:HBI 41% 59% 0% $16.63 $21.40 29% Coty Inc. Class A US:COTY 33% 56% 11% $11.10 $13.83 25% Viacom Inc. Class B US:VIAB 31% 62% 7% $31.78 $34.74 9% National Oilwell Varco Inc. US:NOV 27% 66% 7% $42.18 $45.24 7% Whirlpool Corp. US:WHR 27% 64% 9% $105.37 $136.71 30% L Brands Inc. US:LB 24% 62% 14% $31.58 $32.48 3% Macy's Inc. US:M 20% 65% 15% $33.39 $36.09 8% UnderArmour Inc. Class A US:UAA 19% 56% 25% $18.76 $19.21 2% Perrigo Co. Plc US:PRGO 18% 76% 6% $71.82 $80.46 12% Newell Brands Inc US:NWL 14% 86% 0% $17.43 $24.45 40% TripAdvisor Inc. US:TRIP 14% 64% 22% $45.00 $48.71 8% Franklin Resources Inc. US:BEN 7% 60% 33% $28.95 $31.79 10% Source: FactSet

If you are looking for bargain stocks, you might find some names here to help with your research. But you had better be prepared to be patient after digging deeply and forming your own opinion about a company’s strategy and its ability to compete over the next five to 10 years.

Also see:Here’s a dividend-investment strategy designed to outperform in down markets

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