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 use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

Persimmon (PSMMY Quick QuotePSMMY - Free Report) is a stock many investors are watching right now. PSMMY is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock is trading with P/E ratio of 10.53 right now. For comparison, its industry sports an average P/E of 11.39. PSMMY's Forward P/E has been as high as 17.42 and as low as 9.54, with a median of 11.93, all within the past year.

Another notable valuation metric for PSMMY is its P/B ratio of 1.03. 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. PSMMY's current P/B looks attractive when compared to its industry's average P/B of 1.25. Over the past 12 months, PSMMY's P/B has been as high as 1.69 and as low as 0.92, with a median of 1.14.

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