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.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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 Johnson Matthey (JMPLY Quick QuoteJMPLY - Free Report) . JMPLY is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock holds a P/E ratio of 13.17, while its industry has an average P/E of 19.57. JMPLY's Forward P/E has been as high as 13.44 and as low as 6.77, with a median of 8.63, all within the past year.

Another notable valuation metric for JMPLY is its P/B ratio of 1.49. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. JMPLY's current P/B looks attractive when compared to its industry's average P/B of 2.13. Over the past year, JMPLY's P/B has been as high as 1.52 and as low as 0.83, with a median of 1.02.

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