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.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader 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.

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 to watch right now is American Airlines (AAL). AAL is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock is trading with a P/E ratio of 7.72, which compares to its industry's average of 17.84. Over the past year, AAL's Forward P/E has been as high as 7.96 and as low as 4.01, with a median of 5.99.

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. AAL has a P/S ratio of 0.18. This compares to its industry's average P/S of 0.44.

Another great Transportation - Airline stock you could consider is SkyWest (SKYW), which is a # 1 (Strong Buy) stock with a Value Score of A.

SkyWest is trading at a forward earnings multiple of 13.52 at the moment, with a PEG ratio of 0.89. This compares to its industry's average P/E of 17.84 and average PEG ratio of 1.16.

SkyWest also has a P/B ratio of 1.93 compared to its industry's price-to-book ratio of 4.97. Over the past year, its P/B ratio has been as high as 1.99, as low as 0.87, with a median of 1.34.

These are just a handful of the figures considered in American Airlines and SkyWest's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that AAL and SKYW is an impressive value stock right now.

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