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.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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 value investors might notice is Signet Jewelers (SIG Quick QuoteSIG - Free Report) . SIG is currently holding a Zacks Rank #1 (Strong Buy) and a Value grade of A.

Another notable valuation metric for SIG is its 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 solid versus its industry's average P/B of 3.95. Within the past 52 weeks, 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 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. SIG has a P/S ratio of 0.59. This compares to its industry's average P/S of 0.84.

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.