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.

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 rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

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.

Boyd Gaming (BYD Quick QuoteBYD - Free Report) is a stock many investors are watching right now. BYD is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 11.32. This compares to its industry's average Forward P/E of 29.45. Over the past year, BYD's Forward P/E has been as high as 12.90 and as low as 9.21, with a median of 11.25.

We should also highlight that BYD has a P/B ratio of 4.79. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 11.36. Over the past year, BYD's P/B has been as high as 5.01 and as low as 3.38, with a median of 4.17.

These are only a few of the key metrics included in Boyd Gaming's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, BYD looks like an impressive value stock at the moment.