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.

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 American Axle & Manufacturing (AXL Quick QuoteAXL - Free Report) . AXL is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A.

Investors should also note that AXL holds a PEG ratio of 0.48. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. AXL's industry has an average PEG of 1.37 right now. Over the last 12 months, AXL's PEG has been as high as 0.73 and as low as 0.35, with a median of 0.52.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. AXL has a P/S ratio of 0.18. This compares to its industry's average P/S of 0.47.

These are only a few of the key metrics included in American Axle & Manufacturing's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, AXL looks like an impressive value stock at the moment.