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.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

Shoe Carnival (SCVL Quick QuoteSCVL - Free Report) is a stock many investors are watching right now. SCVL is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with a P/E ratio of 11.94, which compares to its industry's average of 12.09. Over the last 12 months, SCVL's Forward P/E has been as high as 15.70 and as low as 7.77, with a median of 11.97.

Another valuation metric that we should highlight is SCVL's P/B ratio of 1.73. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 3.35. Over the past 12 months, SCVL's P/B has been as high as 2.14 and as low as 1.07, with a median of 1.66.

Value investors will likely look at more than just these metrics, but the above data helps show that Shoe Carnival is likely undervalued currently. And when considering the strength of its earnings outlook, SCVL sticks out at as one of the market's strongest value stocks.