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.

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 company to watch right now is Signet Jewelers (SIG Quick QuoteSIG - Free Report) . SIG is currently sporting a Zacks Rank #1 (Strong Buy), as well as a Value grade of A.

Investors should also recognize that SIG has a P/B ratio of 2.27. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 3.88. Over the past 12 months, SIG's P/B has been as high as 2.52 and as low as 1.04, with a median of 1.87.

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. SIG has a P/S ratio of 0.58. This compares to its industry's average P/S of 0.82.

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