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.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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 Iamgold (IAG). IAG is currently holding a Zacks Rank of #1 (Strong Buy) and a Value grade of A. The stock holds a P/E ratio of 7.83, while its industry has an average P/E of 14.18. Over the last 12 months, IAG's Forward P/E has been as high as 140.56 and as low as 6.97, with a median of 18.11.

We also note that IAG holds a PEG ratio of 0.29. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. IAG's PEG compares to its industry's average PEG of 0.48. Over the last 12 months, IAG's PEG has been as high as 4.23 and as low as 0.29, with a median of 0.55.

Investors should also recognize that IAG has a P/B ratio of 1.21. 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 1.82. Within the past 52 weeks, IAG's P/B has been as high as 1.30 and as low as 0.45, with a median of 0.78.

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. IAG has a P/S ratio of 2.54. This compares to its industry's average P/S of 3.18.

Finally, investors should note that IAG has a P/CF ratio of 8.04. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. IAG's current P/CF looks attractive when compared to its industry's average P/CF of 17.64. IAG's P/CF has been as high as 8.69 and as low as 3.42, with a median of 4.79, all within the past year.

If you're looking for another solid Mining - Gold value stock, take a look at New Gold (NGD). NGD is a # 2 (Buy) stock with a Value score of A.

New Gold is trading at a forward earnings multiple of 12.02 at the moment, with a PEG ratio of 0.28. This compares to its industry's average P/E of 14.18 and average PEG ratio of 0.48.

Over the last 12 months, NGD's P/E has been as high as 24.11, as low as 10.29, with a median of 13.52, and its PEG ratio has been as high as 0.64, as low as 0.20, with a median of 0.27.

New Gold also has a P/B ratio of 1.73 compared to its industry's price-to-book ratio of 1.82. Over the past year, its P/B ratio has been as high as 2.06, as low as 0.88, with a median of 1.43.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Iamgold and New Gold are likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, IAG and NGD feels like a great value stock at the moment.

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