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, 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.

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.

3M (MMM Quick QuoteMMM - Free Report) is a stock many investors are watching right now. MMM is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock is trading with a P/E ratio of 9.50, which compares to its industry's average of 18.33. Over the past 52 weeks, MMM's Forward P/E has been as high as 13.84 and as low as 8.97, with a median of 11.48.

Investors should also note that MMM holds a PEG ratio of 1.29. 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. MMM's PEG compares to its industry's average PEG of 1.68. MMM's PEG has been as high as 1.65 and as low as 1.09, with a median of 1.27, all within the past year.

These figures are just a handful of the metrics value investors tend to look at, but they help show that 3M is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, MMM feels like a great value stock at the moment.