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.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

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.

One company to watch right now is Quanex Building Products (NX Quick QuoteNX - Free Report) . NX is currently holding a Zacks Rank #2 (Buy) and a Value grade of A. The stock holds a P/E ratio of 6.42, while its industry has an average P/E of 17.99. Over the past 52 weeks, NX's Forward P/E has been as high as 12.99 and as low as 5.16, with a median of 7.91.

Investors will also notice that NX has a PEG ratio of 0.46. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. NX's PEG compares to its industry's average PEG of 1.26. NX's PEG has been as high as 0.93 and as low as 0.37, with a median of 0.56, all within the past year.

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