Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

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.

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 stock to keep an eye on is Sally Beauty (SBH Quick QuoteSBH - Free Report) . SBH is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A. The stock holds a P/E ratio of 7.76, while its industry has an average P/E of 15.83. Over the last 12 months, SBH's Forward P/E has been as high as 8.12 and as low as 4.04, with a median of 5.53.

Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by sales. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. SBH has a P/S ratio of 0.41. This compares to its industry's average P/S of 0.54.

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