While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One company value investors might notice is Universal Electronics (UEIC Quick QuoteUEIC - Free Report) . UEIC is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock is trading with a P/E ratio of 11.06, which compares to its industry's average of 22.96. Over the last 12 months, UEIC's Forward P/E has been as high as 263.45 and as low as 8.10, with a median of 13.31.

Investors will also notice that UEIC has a PEG ratio of 0.74. 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. UEIC's industry has an average PEG of 2.09 right now. Over the past 52 weeks, UEIC's PEG has been as high as 17.56 and as low as 0.54, with a median of 0.95.

These are just a handful of the figures considered in Universal Electronics'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 UEIC is an impressive value stock right now.