Buy this 'dirt-cheap,' top-rated dividend stock with a 4% yield, Morningstar says

The stock is 'deeply undervalued' right now, according to the financial services firm, but it's bullish on it for the long term.

There's one dividend stock that Morningstar says is "deeply undervalued" right now and which it's bullish on for the long term. That's crop chemical producer FMC , whose shares are down more than 50% over the past 12 months. But Morningstar said in an April 18 note that the fall is due to global "inventory destocking," which it says has "crippled the results" of the firm. "Yet we're bullish on this undervalued stock for the long term.

Its five-year average dividend yield was 2.1%. "FMC stock looks deeply undervalued, trading at half of what we think it's worth," Goldstein added. Morningstar gave the stock a five-star rating. Earlier in April, Morningstar's chief U.S. market strategist Dave Sekera also included FMC in his list of five "dirt-cheap" stocks to buy for the month.

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