While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

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 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 company to watch right now is United Fire Group (UFCS Quick QuoteUFCS - Free Report) . UFCS 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 10.16, which compares to its industry's average of 26.43. Over the past 52 weeks, UFCS's Forward P/E has been as high as 20.43 and as low as 9.98, with a median of 11.30.

Investors should also recognize that UFCS has a P/B ratio of 0.94. 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 stock's P/B looks attractive against its industry's average P/B of 1.39. UFCS's P/B has been as high as 1.02 and as low as 0.62, with a median of 0.87, over the past year.

Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by sales. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. UFCS has a P/S ratio of 0.69. This compares to its industry's average P/S of 1.29.

Finally, we should also recognize that UFCS has a P/CF ratio of 7.83. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. UFCS's current P/CF looks attractive when compared to its industry's average P/CF of 11.94. Within the past 12 months, UFCS's P/CF has been as high as 13.42 and as low as 6.53, with a median of 9.51.

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