Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

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.

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.

One stock to keep an eye on is Gray Television (GTN Quick QuoteGTN - Free Report) . GTN is currently sporting a Zacks Rank of #1 (Strong Buy), as well as an A grade for Value.

Finally, we should also recognize that GTN has a P/CF ratio of 3.70. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. GTN's P/CF compares to its industry's average P/CF of 9.57. Over the past 52 weeks, GTN's P/CF has been as high as 6.24 and as low as 2.78, with a median of 3.99.

These are just a handful of the figures considered in Gray Television's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that GTN is an impressive value stock right now.