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.

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 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.

One company value investors might notice is Huntington Ingalls Industries (HII Quick QuoteHII - Free Report) . HII is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock holds a P/E ratio of 12.80, while its industry has an average P/E of 17.80. Over the last 12 months, HII's Forward P/E has been as high as 15.03 and as low as 11.78, with a median of 12.94.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. HII has a P/S ratio of 0.89. This compares to its industry's average P/S of 1.31.

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