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.

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.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One stock to keep an eye on is Hilton Grand Vacations (HGV Quick QuoteHGV - Free Report) . HGV is currently sporting a Zacks Rank #1 (Strong Buy) and an A for Value. The stock holds a P/E ratio of 11.73, while its industry has an average P/E of 21.79. Over the last 12 months, HGV's Forward P/E has been as high as 14.57 and as low as 8.56, with a median of 11.43.

Finally, we should also recognize that HGV has a P/CF ratio of 11.33. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 22.82. Over the past year, HGV's P/CF has been as high as 13.16 and as low as 7.91, with a median of 9.69.

These are only a few of the key metrics included in Hilton Grand Vacations'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, HGV looks like an impressive value stock at the moment.