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.

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 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 to watch right now is Dana (DAN). DAN is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock holds a P/E ratio of 7.20, while its industry has an average P/E of 16.85. Over the past year, DAN's Forward P/E has been as high as 13.55 and as low as 5.44, with a median of 8.83.

Investors will also notice that DAN has a PEG ratio of 0.37. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. DAN's industry has an average PEG of 0.89 right now. DAN's PEG has been as high as 0.87 and as low as 0.27, with a median of 0.38, all within the past year.

Another valuation metric that we should highlight is DAN's P/B ratio of 1.29. 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. DAN's current P/B looks attractive when compared to its industry's average P/B of 2.78. Over the past year, DAN's P/B has been as high as 1.75 and as low as 0.72, with a median of 1.13.

If you're looking for another solid Automotive - Original Equipment value stock, take a look at Strattec Security (STRT). STRT is a # 1 (Strong Buy) stock with a Value score of A.

Shares of Strattec Security currently holds a Forward P/E ratio of 9.98, and its PEG ratio is 1. In comparison, its industry sports average P/E and PEG ratios of 16.85 and 0.89.

STRT's Forward P/E has been as high as 26.50 and as low as 9.98, with a median of 16.03. During the same time period, its PEG ratio has been as high as 2.65, as low as 1, with a median of 1.60.

Furthermore, Strattec Security holds a P/B ratio of 0.69 and its industry's price-to-book ratio is 2.78. STRT's P/B has been as high as 0.94, as low as 0.40, with a median of 0.69 over the past 12 months.

These are only a few of the key metrics included in Dana and Strattec Security strong Value grade, but they help show that the stocks are likely undervalued right now. When factoring in the strength of its earnings outlook, DAN and STRT look like an impressive value stock at the moment.

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Dana Incorporated (DAN) : Free Stock Analysis Report

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This article originally published on Zacks Investment Research (zacks.com).

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