After the recent bout of stock market volatility, many investors are looking for shares to buy. That’s not surprising as history shows that buying during market weakness can pay off.

Here, I’m going to highlight three shares that have taken a hit in the recent sell-off. I think they offer quite a bit of value right now and are worth considering as long-term investments.

Portfolio protection

Given the uncertainty over the global economy at present (one of the reasons the market’s fallen), I believe it’s worth owning a few ‘defensive’ stocks right now. And one company that fits the bill here is Coca-Cola HBC (LSE: CCH), which provides bottling services to beverages giant Coca-Cola.

To my mind, this is very much a ‘sleep-well-at-night’ stock. I can’t see demand for Coca-Cola products suddenly falling off a cliff. Last week, the company actually increased its full-year revenue and operating profit guidance.

Meanwhile, there’s a nice dividend here. Currently, the yield’s about 3.2%. So the shares could provide some nice passive income.

Of course, the economic environment’s still a risk here – it adds some uncertainty to the outlook. With the stock trading on a P/E ratio of 14 however, I think it looks attractive right now.

Moving into quality

As well as owning some defensive stocks, I also think it’s smart to move up the ‘quality’ spectrum in the current environment and focus on highly profitable companies with solid balance sheets. And one company that stands out to me here is Intertek (LSE: ITRK).

This FTSE 100 stock flies under the radar of most investors. That’s a shame as it’s been a phenomenal investment over the long term (700% share price return over the last 20 years plus dividends).

One reason the company’s done so well is that it provides crucial safety and quality assurance testing services that businesses can’t afford to skip. It also has a high return on capital, meaning it’s able to compound its earnings at a high rate.

A slowdown in the economy’s still a risk here as well. This could lead to less growth (revenues lifted 6.6% in H1).

However, I was encouraged by the fact the company recently hiked its dividend payout by 43%. This suggests management’s confident about the future.

The yield here’s currently 3.1% while the P/E ratio’s a reasonable 19.5.

Higher risk, higher return?

Finally, I like the look of Ashtead (LSE: AHT) at the moment. It’s one of the world’s largest construction equipment rental companies.

This stock’s more risky than the other two I’ve highlighted. That’s due to the fact the markets it serves can be quite cyclical.

However, taking a long-term view, I see significant potential here. That’s because the company – which generates the bulk of its revenues in the US today – is well placed to benefit from US government spending on infrastructure and semiconductor plants in the years ahead.

At present, this stock trades on a P/E ratio of 17, falling to 14.9 using the earnings per share forecast for the year ending 30 April 2026. I think there’s value at these earnings multiples.

A dividend yield of nearly 2% adds weight to the investment case.