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 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 company to watch right now is Barclays (BCS Quick QuoteBCS - Free Report) . BCS is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock holds a P/E ratio of 4.13, while its industry has an average P/E of 7.75. BCS's Forward P/E has been as high as 5.87 and as low as 3.79, with a median of 5.02, 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 prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. BCS has a P/S ratio of 0.99. This compares to its industry's average P/S of 1.36.

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