Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

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 stock to keep an eye on is Cementos Pacasmayo (CPAC Quick QuoteCPAC - Free Report) . CPAC is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock is trading with P/E ratio of 10.03 right now. For comparison, its industry sports an average P/E of 23.54. Over the past year, CPAC's Forward P/E has been as high as 13.10 and as low as 7.26, with a median of 8.91.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. CPAC has a P/S ratio of 1.08. This compares to its industry's average P/S of 3.17.

These are only a few of the key metrics included in Cementos Pacasmayo'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, CPAC looks like an impressive value stock at the moment.