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.

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.

Cleveland-Cliffs (CLF Quick QuoteCLF - Free Report) is a stock many investors are watching right now. CLF is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 6.75. This compares to its industry's average Forward P/E of 8.48. CLF's Forward P/E has been as high as 8.23 and as low as 3.26, with a median of 6.42, all within the past year.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. CLF has a P/S ratio of 1.29. This compares to its industry's average P/S of 1.3.

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