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.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. 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.

Premier Foods (PRRFY Quick QuotePRRFY - Free Report) is a stock many investors are watching right now. PRRFY is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock holds a P/E ratio of 7.66, while its industry has an average P/E of 17.84. Over the last 12 months, PRRFY's Forward P/E has been as high as 11.65 and as low as 7.66, with a median of 9.28.

Value investors will likely look at more than just these metrics, but the above data helps show that Premier Foods is likely undervalued currently. And when considering the strength of its earnings outlook, PRRFY sticks out at as one of the market's strongest value stocks.