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.

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 use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One company to watch right now is ANI Pharmaceuticals (ANIP). ANIP is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value.

Another notable valuation metric for ANIP is its P/B ratio of 2.93. 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 solid versus its industry's average P/B of 3.57. ANIP's P/B has been as high as 3.30 and as low as 2.48, with a median of 2.93, over the past year.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. ANIP has a P/S ratio of 2.11. This compares to its industry's average P/S of 6.16.

Investors could also keep in mind Puma Biotechnology (PBYI), an Medical - Biomedical and Genetics stock with a Zacks Rank of # 2 (Buy) and Value grade of A.

Shares of Puma Biotechnology currently holds a Forward P/E ratio of 5.68, and its PEG ratio is 1.38. In comparison, its industry sports average P/E and PEG ratios of 70.34 and 4.92.

PBYI's Forward P/E has been as high as 11.38 and as low as 4.71, with a median of 7.18. During the same time period, its PEG ratio has been as high as 1.86, as low as 0.96, with a median of 1.46.

Additionally, Puma Biotechnology has a P/B ratio of 2.07 while its industry's price-to-book ratio sits at 3.57. For PBYI, this valuation metric has been as high as 6.59, as low as 1.67, with a median of 3.70 over the past year.

These are only a few of the key metrics included in ANI Pharmaceuticals and Puma Biotechnology strong Value grade, but they help show that the stocks are likely undervalued right now. When factoring in the strength of its earnings outlook, ANIP and PBYI look like an impressive value stock at the moment.

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