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 tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

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 value investors might notice is Shoe Carnival (SCVL). SCVL is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 13.28. This compares to its industry's average Forward P/E of 16.56. Over the last 12 months, SCVL's Forward P/E has been as high as 15.85 and as low as 6.47, with a median of 12.48.

Another valuation metric that we should highlight is SCVL's P/B ratio of 1.70. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 4.55. Over the past 12 months, SCVL's P/B has been as high as 2.01 and as low as 1.03, with a median of 1.57.

Finally, we should also recognize that SCVL has a P/CF ratio of 9.91. 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. SCVL's current P/CF looks attractive when compared to its industry's average P/CF of 13.19. Over the past year, SCVL's P/CF has been as high as 11.74 and as low as 5.38, with a median of 9.10.

These are just a handful of the figures considered in Shoe Carnival'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 SCVL is an impressive value stock right now.

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