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 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 company value investors might notice is Canadian Solar (CSIQ Quick QuoteCSIQ - Free Report) . CSIQ is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A.

Another notable valuation metric for CSIQ is its P/B ratio of 0.89. Investors use the P/B ratio to look at a stock's market value versus 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 1.62. Over the past 12 months, CSIQ's P/B has been as high as 1.14 and as low as 0.60, with a median of 0.78.

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. CSIQ has a P/S ratio of 0.31. This compares to its industry's average P/S of 0.83.

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