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.

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 tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

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 The Interpublic Group of Companies (IPG Quick QuoteIPG - Free Report) . IPG is currently sporting a Zacks Rank of #2 (Buy) and an A for Value.

We should also highlight that IPG has a P/B ratio of 3.20. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 4.62. Over the past 12 months, IPG's P/B has been as high as 4.92 and as low as 2.95, with a median of 3.93.

Finally, we should also recognize that IPG has a P/CF ratio of 8.56. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. IPG's current P/CF looks attractive when compared to its industry's average P/CF of 9.70. IPG's P/CF has been as high as 14.35 and as low as 7.74, with a median of 10.77, all within the past year.

These are only a few of the key metrics included in The Interpublic Group of Companies'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, IPG looks like an impressive value stock at the moment.