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 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 stock to keep an eye on is Sun Country Airlines (SNCY Quick QuoteSNCY - Free Report) . SNCY 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 7.82, which compares to its industry's average of 16.30. Over the last 12 months, SNCY's Forward P/E has been as high as 14.79 and as low as 5.81, with a median of 7.60.

Investors should also note that SNCY holds a PEG ratio of 0.35. 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. SNCY's industry has an average PEG of 0.79 right now. Within the past year, SNCY's PEG has been as high as 0.66 and as low as 0.26, with a median of 0.34.

These are just a handful of the figures considered in Sun Country Airlines'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 SNCY is an impressive value stock right now.