Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

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.

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.

One company to watch right now is Foot Locker (FL Quick QuoteFL - Free Report) . FL is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock is trading with a P/E ratio of 10.82, which compares to its industry's average of 15.60. Over the past 52 weeks, FL's Forward P/E has been as high as 12.72 and as low as 7.86, with a median of 10.69.

Another valuation metric that we should highlight is FL's P/B ratio of 2.37. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. FL's current P/B looks attractive when compared to its industry's average P/B of 4.10. Over the past year, FL's P/B has been as high as 2.81 and as low as 1.49, with a median of 2.29.

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