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, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. 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 stock to keep an eye on is AMMO (POWW Quick QuotePOWW - Free Report) . POWW 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 8.81, which compares to its industry's average of 26.22. Over the last 12 months, POWW's Forward P/E has been as high as 26.73 and as low as 7.32, with a median of 12.79.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. POWW has a P/S ratio of 1.01. This compares to its industry's average P/S of 1.07.

These are only a few of the key metrics included in AMMO'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, POWW looks like an impressive value stock at the moment.