Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One stock to keep an eye on is Cleveland-Cliffs (CLF Quick QuoteCLF - Free Report) . CLF is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock holds a P/E ratio of 6.01, while its industry has an average P/E of 8.55. Over the past year, CLF's Forward P/E has been as high as 15.32 and as low as 5.52, with a median of 6.70.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by 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. CLF has a P/S ratio of 1.31. This compares to its industry's average P/S of 1.69.

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