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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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 Telephone & Data Systems (TDS Quick QuoteTDS - Free Report) . TDS is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock holds a P/E ratio of 18.19, while its industry has an average P/E of 19.50. Over the last 12 months, TDS's Forward P/E has been as high as 29.25 and as low as 13.61, with a median of 23.12.

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