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.

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.

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 stock to keep an eye on is Standard Motor Products (SMP Quick QuoteSMP - Free Report) . SMP is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with P/E ratio of 14.20 right now. For comparison, its industry sports an average P/E of 16.30. Over the past 52 weeks, SMP's Forward P/E has been as high as 17.49 and as low as 10.43, with a median of 14.62.

Another valuation metric that we should highlight is SMP's P/B ratio of 1.96. 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. This stock's P/B looks solid versus its industry's average P/B of 2.23. Over the past 12 months, SMP's P/B has been as high as 2.52 and as low as 1.61, with a median of 2.05.

These are only a few of the key metrics included in Standard Motor Products'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, SMP looks like an impressive value stock at the moment.