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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One company value investors might notice is Cracker Barrel Old Country Store (CBRL Quick QuoteCBRL - Free Report) . CBRL is currently sporting a Zacks Rank #1 (Strong Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 21.8. This compares to its industry's average Forward P/E of 22.25. Over the last 12 months, CBRL's Forward P/E has been as high as 22.15 and as low as 11.15, with a median of 16.36.

Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. CBRL has a P/S ratio of 0.39. This compares to its industry's average P/S of 0.89.

Value investors will likely look at more than just these metrics, but the above data helps show that Cracker Barrel Old Country Store is likely undervalued currently. And when considering the strength of its earnings outlook, CBRL sticks out as one of the market's strongest value stocks.