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.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One company to watch right now is Hawaiian Electric Industries (HE Quick QuoteHE - Free Report) . HE 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 11.15, which compares to its industry's average of 15.12. Over the past 52 weeks, HE's Forward P/E has been as high as 11.93 and as low as 5.53, with a median of 10.68.

We should also highlight that HE has a P/B ratio of 1.23. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 2.41. Within the past 52 weeks, HE's P/B has been as high as 1.78 and as low as 0.42, with a median of 1.14.

Value investors will likely look at more than just these metrics, but the above data helps show that Hawaiian Electric Industries is likely undervalued currently. And when considering the strength of its earnings outlook, HE sticks out at as one of the market's strongest value stocks.