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, 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 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.

One stock to keep an eye on is Academy Sports and Outdoors, Inc. (ASO Quick QuoteASO - Free Report) . ASO is currently holding a Zacks Rank of #1 (Strong Buy) and a Value grade of A. The stock holds a P/E ratio of 10.13, while its industry has an average P/E of 30.02. ASO's Forward P/E has been as high as 11.74 and as low as 7.30, with a median of 9.80, all within the past year.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Academy Sports and Outdoors, Inc. Is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, ASO feels like a great value stock at the moment.