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.

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.

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 stock to keep an eye on is Atlas Air Worldwide . AAWW is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock is trading with a P/E ratio of 5.37, which compares to its industry's average of 14.06. Over the last 12 months, AAWW's Forward P/E has been as high as 7.75 and as low as 2.83, with a median of 5.35.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. AAWW has a P/S ratio of 0.3. This compares to its industry's average P/S of 0.31.

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