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 use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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.

American Axle & Manufacturing (AXL Quick QuoteAXL - Free Report) is a stock many investors are watching right now. AXL is currently sporting a Zacks Rank of #1 (Strong Buy), as well as an A grade for Value. The stock holds a P/E ratio of 6.55, while its industry has an average P/E of 19.47. Over the past year, AXL's Forward P/E has been as high as 19.27 and as low as -218.01, with a median of 6.85.

We also note that AXL holds a PEG ratio of 0.81. 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. AXL's PEG compares to its industry's average PEG of 1.15. AXL's PEG has been as high as 2.39 and as low as -27.02, with a median of 0.85, all within the past year.

Another notable valuation metric for AXL is its P/B ratio of 3.15. The P/B ratio pits a stock's market value against 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 4.03. Within the past 52 weeks, AXL's P/B has been as high as 4.85 and as low as 1.90, with a median of 2.91.

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