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 company value investors might notice is Summit Hotel Properties (INN Quick QuoteINN - Free Report) . INN is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A. The stock holds a P/E ratio of 7.65, while its industry has an average P/E of 15.40. Over the past 52 weeks, INN's Forward P/E has been as high as 7.90 and as low as 4.05, with a median of 6.60.

Investors will also notice that INN has a PEG ratio of 1.26. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. INN's PEG compares to its industry's average PEG of 1.50. Within the past year, INN's PEG has been as high as 1.57 and as low as 0.86, with a median of 1.13.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Summit Hotel Properties is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, INN feels like a great value stock at the moment.