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.

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.

Lennar (LEN Quick QuoteLEN - Free Report) is a stock many investors are watching right now. LEN 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 10.92, while its industry has an average P/E of 11.39. Over the last 12 months, LEN's Forward P/E has been as high as 12.14 and as low as 4.67, with a median of 9.92.

We also note that LEN holds a PEG ratio of 1.26. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. LEN's PEG compares to its industry's average PEG of 2.26. Over the past 52 weeks, LEN's PEG has been as high as 3.76 and as low as 0.50, with a median of 1.09.

These are only a few of the key metrics included in Lennar'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, LEN looks like an impressive value stock at the moment.