3 FTSE 250 stocks I’m buying after this market correction

The share prices of many FTSE 250 stocks have been hit hard during this latest stock market correction. The index itself is down about 5% in the past month. During times like these, many investors panic and immediately think about selling shares.

However, now is a good time for me to think about buying stocks, I feel. I’ve found three potential companies to purchase shares in, so let’s take a closer look.

Hochschild

Hochschild (LSE:HOC) is a silver and gold mining firm operating in Peru, Argentina, and Chile. With increased market volatility, precious metals may become increasingly attractive as ‘safe-haven’ investments.

The business may benefit as its output becomes more valuable and, therefore, its share price may rise. 

During the early days of the war in Ukraine, for instance, shares in Hochschild rose about 50% as investors panicked. 

The investment bank Berenberg recently increased its target price from 130p to 160p on account of higher metal prices.

So with the shares currently trading at 111p, down 35% in the past year, I feel they could have higher to climb.

However, there is always the risk of further pandemic variants impacting day-to-day mining operations.

Carnival

Carnival (LSE:CCL) is a global operator of cruises. In the past month, the shares are down 31.5% and trade at 691p. The company has quite simply been battered during the pandemic, reporting pre-tax losses of throughout 2020 and 2021.

The firm also reported an adjusted net loss of $1.9bn for the first quarter of 2022 and this trend of losses is something I would like to see reversed soon.

For the first three months of 2022, however, revenue per passenger had grown around 7.5% compared to the same period in 2019. 

With a cash balance $7.2bn at the end of March 2022, this should be enough for the business to deal with any further difficulties future pandemic variants could bring. 

Ferrexpo

Finally, Ferrexpo (LSE:FXPO) is a producer of iron ore pellets. It operates in Ukraine and the shares are down 48% in the past six months, currently trading at 147.8p.

There were concerns over whether the company could still operate during the war. So far, it has maintained production. For the first three months of 2022, it produced 2.7m tonnes of pellets, roughly the same amount as the first quarter of 2021. 

Furthermore, rail and barge connections to Europe are still open, meaning that sales and shipments can continue uninterrupted. 

There’s always the risk of a prolonged conflict eventually taking its toll on the business though. With a cash balance of $159m at the end of March, however, I think the company has the resources to navigate any difficulties it encounters.

Overall, the share prices of each of these three firms have fallen sharply at times in the recent past. As part of a wider market correction, I think I’ll buy the shares at knockdown prices to hold for the long term.