While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

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.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One stock to keep an eye on is Gray Media Inc. (GTN Quick QuoteGTN - Free Report) . GTN is currently sporting a Zacks Rank #2 (Buy) and an A for Value.

GTN is also sporting a PEG ratio of 0.50. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. GTN's PEG compares to its industry's average PEG of 0.79. Within the past year, GTN's PEG has been as high as 5.49 and as low as -6.48, with a median of 0.48.

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 preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. GTN has a P/S ratio of 0.18. This compares to its industry's average P/S of 0.33.

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