While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One stock to keep an eye on is Avanos Medical (AVNS). AVNS 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 13.11, which compares to its industry's average of 32.29. Over the past year, AVNS's Forward P/E has been as high as 21.37 and as low as 11.70, with a median of 13.46.

Investors should also note that AVNS holds a PEG ratio of 0.99. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. AVNS's industry currently sports an average PEG of 2.57. AVNS's PEG has been as high as 1.72 and as low as 0.97, with a median of 1.09, 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 popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. AVNS has a P/S ratio of 1.51. This compares to its industry's average P/S of 2.91.

Investors could also keep in mind Elekta (EKTAY), an Medical - Instruments stock with a Zacks Rank of # 2 (Buy) and Value grade of A.

Elekta also has a P/B ratio of 2.63 compared to its industry's price-to-book ratio of 4.32. Over the past year, its P/B ratio has been as high as 3.47, as low as 2.23, with a median of 2.79.

These are just a handful of the figures considered in Avanos Medical and Elekta's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that AVNS and EKTAY is an impressive value stock right now.