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 rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

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 JAKKS Pacific (JAKK Quick QuoteJAKK - Free Report) . JAKK is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 5.71. This compares to its industry's average Forward P/E of 13.35. Over the past year, JAKK's Forward P/E has been as high as 8.33 and as low as 4.12, with a median of 6.25.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. JAKK has a P/S ratio of 0.58. This compares to its industry's average P/S of 0.8.

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