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.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of 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.

One company value investors might notice is Smith & Nephew SNATS (SNN Quick QuoteSNN - Free Report) . SNN is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 16.77. This compares to its industry's average Forward P/E of 19.62. Over the past 52 weeks, SNN's Forward P/E has been as high as 17.73 and as low as 11.60, with a median of 13.88.

Investors will also notice that SNN has a PEG ratio of 0.92. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. SNN's PEG compares to its industry's average PEG of 1.78. SNN's PEG has been as high as 1.47 and as low as 0.67, with a median of 0.95, all within the past year.

These are just a handful of the figures considered in Smith & Nephew SNATS'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 SNN is an impressive value stock right now.