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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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 Balfour Beatty PLC (BAFYY Quick QuoteBAFYY - Free Report) . BAFYY 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 9.58, while its industry has an average P/E of 13.11. Over the past 52 weeks, BAFYY's Forward P/E has been as high as 9.89 and as low as 7.68, with a median of 8.98.

Investors should also recognize that BAFYY has a P/B ratio of 1.22. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 1.97. Over the past 12 months, BAFYY's P/B has been as high as 1.65 and as low as 0.95, with a median of 1.32.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Balfour Beatty PLC is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, BAFYY feels like a great value stock at the moment.