Just because 2016 has been a rough year for many stocks doesn't mean that there are no great investment opportunities left.

In fact, many stocks are available for a big discount.

That is the case with shares of GameStop(GME) - Get Report and PPG Industries(PPG) - Get Report , which have dropped in recent weeks, though they also both continue to churn out steady dividend income.

Those who are looking for fast growth should consider specialized video game retailer GameStop. Although its stock fell 38% during the 12 months ended Friday, GameStop offers an attractive 5.5% yield.

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GameStop, which has a $2.8 million market capitalization and is in direct competition with electronic-store chains such as Best Buy, remains a reliable contender, despite sales of video games facing challenging times.

The substantial drop in GameStop's stock price makes it undervalued, and it is trading at just 6.1 times forward earnings.

But analysts contend that GameStop's depressed valuation reflects an excessively pessimistic view of the company's near-term position. 

The truth is, GameStop has navigated a difficult industry environment smartly.

But the company is again close to generating positive free cash flow, which once realized could keep it going.

Although GameStop reported a same-store sales drop of 11% in the fiscal second quarter, accompanied by sharply declining sales of new video game hardware and downbeat guidance for fiscal third-quarter comparable-store sales, the company's dividends should remain unblemished.

The company's management projects earnings of $3.90 a share to $4.05 a share for fiscal 2017, implying that the dividend payout ratio would be 37% to 38% of earnings. This isn't too different from 37.1% now.

With GameStop expected to have $450 million in free cash flow this year, at an annualized dividend payout rate of $1.48 a share and assuming 105 million shares outstanding, it will need to finance $155 million per year of dividends.

This should be a walk in the park for GameStop, as both earnings and cash flow are enough to cover dividend payments and stock buybacks.

Meanwhile, on Friday, paint specialist PPG Industries suffered a 9% decline in its stock price after issuing a warning about a potential third-quarter loss.

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Due to charges associated with a pension settlement, PPG Industries expects a loss -- the first in 30 quarters -- of between 74 and 77 cents a share. Adjusting for the charges, which total $2.31 a share, the company now forecasts per-share earnings of $1.54 a share to $1.57 a share, versus $1.54 a share a year earlier.

However, a full-blown recovery is certainly in the cards. And with a record of increasing dividend payouts over four decades, PPG Industries is great stock to buy now at a discount.

In fact, analysts aren't worried about the company's prediction of lower-than-expected earnings. PPG Industries has already rolled out a number of cost-cutting initiatives.

With its share price down, PPG Industries is likely to focus on acquisitions and buybacks. The company's board recently authorized a new $2 billion repurchase plan.

But the best thing about PPG Industries is its dividends.

Forty-three years of rising dividends is a great record. A low payout ratio of 26% means that above and beyond the 1.71% yield, PPG Industries can triple dividends without any concerns for sustainability.

According to Moody's assessment in March, the company's liquidity is first-rate, with "approximately $1.5 billion in cash and short-term investments."

PPG Industries trades at a price-earnings ratio of about 17.3 times, which makes it a steal compared with chemical industry peers such as Ecolab (37.3 times), InternationalFlavors & Fragrances (26.3 times), Praxair (21.6 times) and Sherwin-Williams (22.7 times).

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The author is an independent contributor who at the time of publication owned none of the stocks mentioned.