The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One company to watch right now is Cleveland-Cliffs (CLF Quick QuoteCLF - Free Report) . CLF is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock holds a P/E ratio of 5.25, while its industry has an average P/E of 8.54. Over the last 12 months, CLF's Forward P/E has been as high as 15.32 and as low as 4.85, with a median of 6.48.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. CLF has a P/S ratio of 1.23. This compares to its industry's average P/S of 1.63.

These are only a few of the key metrics included in Cleveland-Cliffs'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, CLF looks like an impressive value stock at the moment.