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, 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.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One stock to keep an eye on is Host Hotels & Resorts (HST Quick QuoteHST - Free Report) . HST is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value. The stock is trading with P/E ratio of 8.84 right now. For comparison, its industry sports an average P/E of 16.31. HST's Forward P/E has been as high as 9.77 and as low as 6.79, with a median of 8.52, all within the past year.

Another notable valuation metric for HST is its P/B ratio of 1.8. 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 1.93. Over the past year, HST's P/B has been as high as 1.99 and as low as 1.32, with a median of 1.73.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. HST has a P/S ratio of 2.42. This compares to its industry's average P/S of 3.85.

Finally, investors will want to recognize that HST has a P/CF ratio of 8.31. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 15.11. Over the past 52 weeks, HST's P/CF has been as high as 9.04 and as low as 6.05, with a median of 7.87.

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