The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find 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 sporting a Zacks Rank #2 (Buy), as well as an A grade for Value. The stock is trading with a P/E ratio of 10.82, which compares to its industry's average of 14.77. HE's Forward P/E has been as high as 11.93 and as low as 5.53, with a median of 10.77, all within the past year.

Investors should also recognize that HE has a P/B ratio of 1.22. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 2.46. Within the past 52 weeks, HE's P/B has been as high as 1.78 and as low as 0.95, with a median of 1.18.

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