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, value investing is easily one of the most popular ways to find great stocks in any market environment. 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 stock to keep an eye on is Gerdau (GGB Quick QuoteGGB - Free Report) . GGB is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A. The stock is trading with P/E ratio of 7.22 right now. For comparison, its industry sports an average P/E of 11.36. Over the last 12 months, GGB's Forward P/E has been as high as 7.73 and as low as 4.76, with a median of 6.21.

Another notable valuation metric for GGB is its P/B ratio of 0.66. 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 attractive against its industry's average P/B of 1.67. Within the past 52 weeks, GGB's P/B has been as high as 0.76 and as low as 0.50, with a median of 0.63.

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