Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

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.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One company to watch right now is Foot Locker (FL Quick QuoteFL - Free Report) . FL is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock is trading with a P/E ratio of 9.86, which compares to its industry's average of 15.03. Over the past year, FL's Forward P/E has been as high as 12.72 and as low as 7.68, with a median of 10.59.

Another valuation metric that we should highlight is FL's P/B ratio of 2.19. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. FL's current P/B looks attractive when compared to its industry's average P/B of 3.89. Over the past 12 months, FL's P/B has been as high as 2.81 and as low as 1.39, with a median of 2.27.

These are just a handful of the figures considered in Foot Locker's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that FL is an impressive value stock right now.