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 rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

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 American Axle & Manufacturing (AXL Quick QuoteAXL - Free Report) . AXL is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A.

Investors should also note that AXL holds a PEG ratio of 0.47. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. AXL's industry has an average PEG of 1.29 right now. AXL's PEG has been as high as 0.73 and as low as 0.35, with a median of 0.52, all within the past year.

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. AXL has a P/S ratio of 0.14. This compares to its industry's average P/S of 0.41.

These are only a few of the key metrics included in American Axle & Manufacturing's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, AXL looks like an impressive value stock at the moment.