While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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 stock to keep an eye on is Abercrombie & Fitch (ANF). ANF is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock holds a P/E ratio of 11.01, while its industry has an average P/E of 19.30. Over the past 52 weeks, ANF's Forward P/E has been as high as 24.20 and as low as 11.01, with a median of 15.99.

Investors should also recognize that ANF has a P/B ratio of 5. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 6.83. Within the past 52 weeks, ANF's P/B has been as high as 9.01 and as low as 4.89, with a median of 6.04.

Finally, we should also recognize that ANF has a P/CF ratio of 9.46. 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. This company's current P/CF looks solid when compared to its industry's average P/CF of 17.89. Over the past 52 weeks, ANF's P/CF has been as high as 18.04 and as low as 9.46, with a median of 12.72.

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

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