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.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

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 Standard Motor Products (SMP Quick QuoteSMP - Free Report) . SMP is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 9.64. This compares to its industry's average Forward P/E of 9.92. SMP's Forward P/E has been as high as 10.50 and as low as 5.89, with a median of 8.90, all within the past year.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. SMP has a P/S ratio of 0.55. This compares to its industry's average P/S of 0.89.

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