The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. 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 American Equity Investment (AEL Quick QuoteAEL - Free Report) . AEL is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock holds a P/E ratio of 5.86, while its industry has an average P/E of 8.30. Over the past 52 weeks, AEL's Forward P/E has been as high as 10.32 and as low as 5.65, with a median of 7.86.

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 prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. AEL has a P/S ratio of 0.64. This compares to its industry's average P/S of 0.7.

Finally, our model also underscores that AEL has a P/CF ratio of 3.05. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. AEL's P/CF compares to its industry's average P/CF of 4.91. Over the past 52 weeks, AEL's P/CF has been as high as 4.05 and as low as 1.97, with a median of 3.

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