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, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One stock to keep an eye on is Artisan Partners Asset Management (APAM Quick QuoteAPAM - Free Report) . APAM is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock holds a P/E ratio of 10.42, while its industry has an average P/E of 14.78. APAM's Forward P/E has been as high as 14.71 and as low as 9.85, with a median of 12.15, all within the past year.

We also note that APAM holds a PEG ratio of 0.42. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. APAM's PEG compares to its industry's average PEG of 0.82. Over the last 12 months, APAM's PEG has been as high as 2.22 and as low as 0.42, with a median of 0.73.

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