The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One stock to keep an eye on is Chemung Financial Corp (CHMG). CHMG is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with P/E ratio of 9.93 right now. For comparison, its industry sports an average P/E of 13.15. Over the past 52 weeks, CHMG's Forward P/E has been as high as 10.14 and as low as 7.89, with a median of 9.04.

Another notable valuation metric for CHMG is its P/B ratio of 1.13. 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 2.09. Within the past 52 weeks, CHMG's P/B has been as high as 1.39 and as low as 0.95, with a median of 1.06.

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 popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. CHMG has a P/S ratio of 1.67. This compares to its industry's average P/S of 2.25.

Finally, investors should note that CHMG has a P/CF ratio of 9.62. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 19.78. Over the past 52 weeks, CHMG's P/CF has been as high as 9.64 and as low as 6.42, with a median of 7.52.

Value investors will likely look at more than just these metrics, but the above data helps show that Chemung Financial Corp is likely undervalued currently. And when considering the strength of its earnings outlook, CHMG sticks out at as one of the market's strongest value stocks.

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