Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One company to watch right now is Atlantica Yield (AY Quick QuoteAY - Free Report) . AY is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A.

We also note that AY holds a PEG ratio of 0.94. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. AY's PEG compares to its industry's average PEG of 2.42. Over the last 12 months, AY's PEG has been as high as 0.96 and as low as 0.43, with a median of 0.49.

Investors should also recognize that AY has a P/B ratio of 1.56. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 1.75. Over the past 12 months, AY's P/B has been as high as 1.56 and as low as 1.01, with a median of 1.33.

These are only a few of the key metrics included in Atlantica Yield'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, AY looks like an impressive value stock at the moment.