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.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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 stock to keep an eye on is Travis Perkins (TPRKY Quick QuoteTPRKY - Free Report) . TPRKY is currently holding a Zacks Rank #2 (Buy) and a Value grade of A. The stock is trading with P/E ratio of 14.23 right now. For comparison, its industry sports an average P/E of 14.72. Over the past year, TPRKY's Forward P/E has been as high as 28.72 and as low as 9.08, with a median of 14.27.

Another valuation metric that we should highlight is TPRKY's P/B ratio of 0.6. Investors use the P/B ratio to look at a stock's market value versus 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 1.56. Over the past year, TPRKY's P/B has been as high as 0.94 and as low as 0.53, with a median of 0.71.

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