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.

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.

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.

AZZ (AZZ) is a stock many investors are watching right now. AZZ is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is trading with a P/E ratio of 14.83, which compares to its industry's average of 24.59. Over the past 52 weeks, AZZ's Forward P/E has been as high as 17.72 and as low as 13.41, with a median of 15.22.

AZZ is also sporting a PEG ratio of 1.06. 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. AZZ's PEG compares to its industry's average PEG of 2.08. Within the past year, AZZ's PEG has been as high as 1.27 and as low as 0.96, with a median of 1.09.

We should also highlight that AZZ has a P/B ratio of 2.49. 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 attractive against its industry's average P/B of 4.98. Over the past year, AZZ's P/B has been as high as 3.69 and as low as 1.70, with a median of 2.66.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by 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. AZZ has a P/S ratio of 1.62. This compares to its industry's average P/S of 2.66.

Finally, investors will want to recognize that AZZ has a P/CF ratio of 11.85. 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. AZZ's current P/CF looks attractive when compared to its industry's average P/CF of 34.80. Over the past 52 weeks, AZZ's P/CF has been as high as 13.59 and as low as 9.25, with a median of 10.89.

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

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