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 use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One stock to keep an eye on is EmbraerEmpresa Brasileira de Aeronautica (ERJ Quick QuoteERJ - Free Report) . ERJ is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 14.40. This compares to its industry's average Forward P/E of 19.35. Over the past 52 weeks, ERJ's Forward P/E has been as high as 147.84 and as low as -364.85, with a median of 43.18.

ERJ is also sporting a PEG ratio of 0.85. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. ERJ's industry has an average PEG of 1.70 right now. Within the past year, ERJ's PEG has been as high as 8.70 and as low as -21.46, with a median of 2.54.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. ERJ has a P/S ratio of 0.47. This compares to its industry's average P/S of 1.28.

These are only a few of the key metrics included in EmbraerEmpresa Brasileira de Aeronautica'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, ERJ looks like an impressive value stock at the moment.