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, 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.

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.

Alaska Air Group (ALK) is a stock many investors are watching right now. ALK is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 12.26. This compares to its industry's average Forward P/E of 17.37. ALK's Forward P/E has been as high as 14.88 and as low as 6.38, with a median of 8.08, all within the past year.

We also note that ALK holds a PEG ratio of 0.65. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. ALK's PEG compares to its industry's average PEG of 0.93. Within the past year, ALK's PEG has been as high as 1.17 and as low as 0.42, with a median of 0.58.

We should also highlight that ALK has a P/B ratio of 2.16. 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 stock's P/B looks solid versus its industry's average P/B of 5.36. Over the past 12 months, ALK's P/B has been as high as 2.16 and as low as 0.99, with a median of 1.30.

These are just a handful of the figures considered in Alaska Air Group'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 ALK is an impressive value stock right now.

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