Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One company to watch right now is Cowen Group . COWN is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock holds a P/E ratio of 4.02, while its industry has an average P/E of 11.94. Over the past year, COWN's Forward P/E has been as high as 5.94 and as low as 1.88, with a median of 4.23.

Finally, investors should note that COWN has a P/CF ratio of 4.10. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. COWN's P/CF compares to its industry's average P/CF of 14.85. Over the past year, COWN's P/CF has been as high as 12.72 and as low as 3.15, with a median of 8.62.

These are only a few of the key metrics included in Cowen Group's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, COWN looks like an impressive value stock at the moment.