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.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

Cleveland-Cliffs (CLF Quick QuoteCLF - Free Report) is a stock many investors are watching right now. CLF is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock is trading with a P/E ratio of 4.93, which compares to its industry's average of 8.09. Over the past year, CLF's Forward P/E has been as high as 30.22 and as low as 4.53, with a median of 5.83.

Finally, investors should note that CLF has a P/CF ratio of 4.16. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 13.06. CLF's P/CF has been as high as 36.89 and as low as 3.47, with a median of 18.45, all within the past year.

These are only a few of the key metrics included in Cleveland-Cliffs's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, CLF looks like an impressive value stock at the moment.