Investors with an interest in Manufacturing - General Industrial stocks have likely encountered both Applied Industrial Technologies (AIT Quick QuoteAIT - Free Report) and Flowserve (FLS Quick QuoteFLS - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.

Right now, both Applied Industrial Technologies and Flowserve are sporting a Zacks Rank of # 2 (Buy). Investors should feel comfortable knowing that both of these stocks have an improving earnings outlook since the Zacks Rank favors companies that have witnessed positive analyst estimate revisions. However, value investors will care about much more than just this.

Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.

Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

AIT currently has a forward P/E ratio of 14.05, while FLS has a forward P/E of 27.04. We also note that AIT has a PEG ratio of 1.17. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. FLS currently has a PEG ratio of 1.57.

Another notable valuation metric for AIT is its P/B ratio of 2.92. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, FLS has a P/B of 3.66.

Based on these metrics and many more, AIT holds a Value grade of B, while FLS has a Value grade of C.

Both AIT and FLS are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that AIT is the superior value option right now.