Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

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.

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 value investors might notice is Interpublic Group (IPG Quick QuoteIPG - Free Report) . IPG is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is trading with P/E ratio of 13.14 right now. For comparison, its industry sports an average P/E of 16.65. IPG's Forward P/E has been as high as 13.82 and as low as 6.07, with a median of 11.26, all within the past year.

Finally, we should also recognize that IPG has a P/CF ratio of 14.30. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. IPG's current P/CF looks attractive when compared to its industry's average P/CF of 16.10. IPG's P/CF has been as high as 14.80 and as low as 4.81, with a median of 8.26, all within the past year.

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