While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

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.

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 value investors might notice is LouisianaPacific (LPX Quick QuoteLPX - Free Report) . LPX is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock is trading with a P/E ratio of 7.98, which compares to its industry's average of 18.35. Over the past year, LPX's Forward P/E has been as high as 10.97 and as low as 5.59, with a median of 8.02.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. LPX has a P/S ratio of 1.35. This compares to its industry's average P/S of 2.01.

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