The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

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.

Quanex Building Products (NX Quick QuoteNX - Free Report) is a stock many investors are watching right now. NX is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock is trading with a P/E ratio of 6.42, which compares to its industry's average of 16.99. NX's Forward P/E has been as high as 12.99 and as low as 5.16, with a median of 7.91, all within the past year.

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. NX has a P/S ratio of 0.57. This compares to its industry's average P/S of 1.4.

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.