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

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 to watch right now is Richardson Electronics (RELL Quick QuoteRELL - Free Report) . RELL is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A.

Investors should also note that RELL holds a PEG ratio of 0.46. 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. RELL's industry currently sports an average PEG of 0.81. Over the last 12 months, RELL's PEG has been as high as 0.88 and as low as 0.42, with a median of 0.67.

Another valuation metric that we should highlight is RELL's P/B ratio of 1.12. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 1.38. RELL's P/B has been as high as 2.60 and as low as 1.02, with a median of 1.73, over the past year.

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