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.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

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.

Xtep International (XTEPY Quick QuoteXTEPY - Free Report) is a stock many investors are watching right now. XTEPY is currently sporting a Zacks Rank #1 (Strong Buy), as well as a Value grade of A. The stock holds a P/E ratio of 10.05, while its industry has an average P/E of 20.31. Over the past year, XTEPY's Forward P/E has been as high as 12.06 and as low as 7.69, with a median of 9.37.

Another notable valuation metric for XTEPY is its P/B ratio of 1.78. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 4.21. Over the past 12 months, XTEPY's P/B has been as high as 1.91 and as low as 1.12, with a median of 1.52.

These are only a few of the key metrics included in Xtep International'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, XTEPY looks like an impressive value stock at the moment.