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.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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 value investors might notice is The Interpublic Group of Companies (IPG Quick QuoteIPG - Free Report) . IPG is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A.

Investors will also notice that IPG has a PEG ratio of 1.55. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. IPG's PEG compares to its industry's average PEG of 1.56. Over the last 12 months, IPG's PEG has been as high as 10.08 and as low as 1.49, with a median of 3.69.

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.