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.

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.

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 company value investors might notice is Johnson Matthey (JMPLY Quick QuoteJMPLY - Free Report) . JMPLY is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value. The stock holds a P/E ratio of 13.17, while its industry has an average P/E of 22.50. Over the past year, JMPLY's Forward P/E has been as high as 13.44 and as low as 6.77, with a median of 8.63.

Another notable valuation metric for JMPLY is its P/B ratio of 1.49. 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 2.08. JMPLY's P/B has been as high as 1.52 and as low as 0.83, with a median of 1.02, over the past year.

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