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, 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 stock to keep an eye on is Huntington Ingalls Industries (HII Quick QuoteHII - Free Report) . HII is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock is trading with P/E ratio of 14.50 right now. For comparison, its industry sports an average P/E of 21.88. HII's Forward P/E has been as high as 16.15 and as low as 11.78, with a median of 13.17, all within the past year.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. HII has a P/S ratio of 0.83. This compares to its industry's average P/S of 1.72.

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.