The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. 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 to watch right now is BJ's Wholesale Club (BJ Quick QuoteBJ - Free Report) . BJ is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock holds a P/E ratio of 15.60, while its industry has an average P/E of 15.89. BJ's Forward P/E has been as high as 18.70 and as low as 11.73, with a median of 15.47, all within the past year.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by 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. BJ has a P/S ratio of 0.29. This compares to its industry's average P/S of 0.51.

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