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.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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 company value investors might notice is Great Lakes Dredge & Dock (GLDD Quick QuoteGLDD - Free Report) . GLDD is currently sporting a Zacks Rank of #1 (Strong Buy), as well as an A grade for Value. The stock is trading with P/E ratio of 11.92 right now. For comparison, its industry sports an average P/E of 14.05. Over the past 52 weeks, GLDD's Forward P/E has been as high as 23.80 and as low as 11.63, with a median of 15.07.

Finally, our model also underscores that GLDD has a P/CF ratio of 7.57. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. GLDD's P/CF compares to its industry's average P/CF of 8. Within the past 12 months, GLDD's P/CF has been as high as 12.22 and as low as 7.38, with a median of 10.01.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Great Lakes Dredge & Dock is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, GLDD feels like a great value stock at the moment.