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.

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.

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 Shoe Carnival (SCVL Quick QuoteSCVL - Free Report) . SCVL is currently holding a Zacks Rank of #1 (Strong Buy) and a Value grade of A.

Investors should also recognize that SCVL has a P/B ratio of 1.77. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 3.71. Over the past year, SCVL's P/B has been as high as 2.28 and as low as 1.21, with a median of 1.77.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. SCVL has a P/S ratio of 0.55. This compares to its industry's average P/S of 0.57.

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