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.

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 Ternium (TX Quick QuoteTX - Free Report) . TX is currently sporting a Zacks Rank #1 (Strong Buy), as well as an A grade for Value. The stock is trading with P/E ratio of 8.04 right now. For comparison, its industry sports an average P/E of 10.85. Over the last 12 months, TX's Forward P/E has been as high as 8.04 and as low as 4.75, with a median of 6.53.

Investors should also note that TX holds a PEG ratio of 0.30. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. TX's PEG compares to its industry's average PEG of 0.38. Over the last 12 months, TX's PEG has been as high as 0.45 and as low as 0.14, with a median of 0.31.

These are only a few of the key metrics included in Ternium's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, TX looks like an impressive value stock at the moment.