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 a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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 company to watch right now is Foot Locker (FL Quick QuoteFL - Free Report) . FL is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock holds a P/E ratio of 11.06, while its industry has an average P/E of 19.75. FL's Forward P/E has been as high as 18.51 and as low as 9.24, with a median of 11.64, all within the past year.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. FL has a P/S ratio of 0.74. This compares to its industry's average P/S of 0.82.

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