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It's important to have a diversified portfolio. You'll see that my portfolios run the gamut — there are large-cap names, growth stocks and momentum plays, but you'll also find some lesser known stocks under $50 to buy and hold.

Warren Buffett is the master of buy-and-hold stocks. The Oracle of Omaha made his career on finding the best stocks to buy and hold for his conglomerate Berkshire Hathaway (NYSE:BRK-A, NYSE:BRK-B). He famously said of his portfolio, "Our favorite holding period is forever."

I'm not saying that these stocks under $50 to buy and hold will turn you into the next Warren Buffett. But, if you're looking to add some set-it-and-forget-it names on the cheap to your holdings, these are seven good places to start.

Stocks Under $50 to Buy and Hold: Companhia Energética de Minas Gerais (CIG)

This first name is way below our $50 threshold — in fact, at less than $2.50 per share it qualifies as a penny stock. But Companhia Energética de Minas Gerais (NYSE:CIG) deserves a close look. It's the utility company for the Brazilian state of Minas Gerais.

As Brazil has plenty of volatility with both its government and the economy, CIG stock hasn't performed very well so far this year. It's down about 6% at the time of writing. But because utilities are a stable sector, the year's downturn could be seen as an opportunity to scoop up CIG shares at a discount.

First-quarter earnings included revenue of $7.85 million, which was a 10% increase from a year ago. Earnings per share (EPS) came in at 66 cents, which was a whopping 247% increase from last year.

CIG stock has an A rating in my Portfolio Grader.

Crescent Point Energy (CPG)

Crescent Point Energy (NYSE:CPG) makes its money in the exploration and production sectors. It has its interests in the Bakken Shale, which is in Montana, North Dakota and Canada.

Based in Canada, Crescent Point had a mixed earnings report in the second quarter. Revenue was $1.29 billion, which beat analysts' expectations of $1.22 billion. But EPS was a disappointment, coming in at 47 cents per share while analysts were looking for 52 cents per share.

The dividend of 2.1% isn't anything to write home about, but Crescent Point announced it would increase its per-share payout by 8 cents in the third quarter in October.

ICL Group (ICL)

Israel-based ICL Group (NYSE:ICL) works in the bromine, potash and magnesium markets. It has mines in the Negev desert of Israel as well as throughout the world. Its chemicals are used in fertilizers, energy storage and food industries.

Earnings for the fiscal second quarter included revenue of $2.88 billion and EPS of 58 cents. Both figures beat analysts' expectations of $2.82 billion and 53 cents, respectively.

ICL stock is down about 1% in 2022 — a disappointment, but still much better than the greater stock market. And because of its easy access to markets in Europe, Asia and Africa, as well as demand for its mined chemicals, investors can feel comfortable adding ICL stock at this price.

ICL stock has an A rating in my Portfolio Grader.

Stocks Under $50 to Buy and Hold: Photronics (PLAB)

Photronics (NASDAQ:PLAB) makes photomask products found in flat panel displays and integrated circuitry. Its products are used in semiconductor manufacturing in Europe, the U.S. and China.

Earnings in the second quarter included revenue of $204.51 million and EPS of 45 cents per share. That was better than analysts' estimates of $192.37 million and EPS of 35 cents.

DA Davidson analyst H. Chung is predicting Q3 earnings of 50 cents per share and full-year earnings at $1.89 cents per share, which is just under the company's 2022 estimate of $1.90 per share. But the firm still has a "buy" recommendation for PLAB stock.

Photronics stock is up 30% so far this year and has an A rating in Portfolio Grader.

Pilgrim's Pride Corporation (PPC)

Compared to some names on this list, Pilgrim's Pride Corporation (NASDAQ:PPC) stock is downright expensive, coming in at about $30 per share. But there's still plenty of room for this stock to grow.

The poultry and pork products processor is profiting handsomely from rising meat prices that are stinging consumers' pocketbooks. The company says it expects to earn $3.31 per share in earnings in 2022, up from 13 cents EPS in 2021 and 39 cents EPS in 2020.

Earnings for the second quarter were $4.69 billion in revenue and $1.81 EPS, both better than the Street's estimate of $4.66 billion in revenue and $1.72 EPS.

PPC stock is up 6% so far in 2022 and has an A rating in the Portfolio Grader.

Titan International (TWI)

Titan International (NYSE:TWI) has been a key player in the wheels, tires and undercarriages for industrial vehicles since 1890. It sells wheels and tires for industrial equipment, including earth movers and farm machinery.

Based in Quincy, Illinois, Titan has sales around the world and is a leader in both the Titan and Goodyear Farm Tire brands.

The company reported Q2 earnings on Aug. 2. While results were not quite as good as what the company reported in Q1, it was still a largely positive quarter. Earnings for Q2 included revenue of $572.9 million and EPS of 79 cents per share, versus analysts' estimates of $582 million in revenue and 66 cents per share EPS.

TWI stock is up 30% so far in 2022 and has an A rating in the Portfolio Grader.

Mercer International (MERC)

Mercer International (NASDAQ:MERC) operates in the construction segment. Based in Washington state, Mercer is a wood company that sells wood products, lumber and wood pulp — all products that have been in strong demand so far in 2022.

Earnings for the second quarter included revenue of $572.33 million, versus analysts' estimates of $527.46 million. Earnings per share were also higher than expected, coming in at $1.07 per share versus analysts' predictions of 99 cents per share.

The company says it's expecting lumber prices in Q3 to remain stable in the U.S. Prices are expected to decline in Europe, but Mercer says they will still be at "historically attractive levels."

MERC stock is up 25% so far in 2022 and has an A rating in the Portfolio Grader.

On the date of publication, Louis Navellier had a long position in ICL, MERC, PLAB, PPC and TWI. Louis Navellier did not have (either directly or indirectly) any other positions in the securities mentioned in this article. InvestorPlace Research Staff member primarily responsible for this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.

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