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 a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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 Saga Communications (SGA Quick QuoteSGA - Free Report) . SGA is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with a P/E ratio of 12.25, which compares to its industry's average of 27.10. Over the last 12 months, SGA's Forward P/E has been as high as 13.13 and as low as 12, with a median of 12.50.

Finally, investors should note that SGA has a P/CF ratio of 7.96. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. SGA's P/CF compares to its industry's average P/CF of 10.51. Within the past 12 months, SGA's P/CF has been as high as 12 and as low as 7.77, with a median of 9.58.

These are just a handful of the figures considered in Saga Communications's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that SGA is an impressive value stock right now.