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.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One company to watch right now is Abercrombie & Fitch (ANF Quick QuoteANF - Free Report) . ANF is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock is trading with P/E ratio of 13.31 right now. For comparison, its industry sports an average P/E of 15.73. Over the past 52 weeks, ANF's Forward P/E has been as high as 24.20 and as low as 12.68, with a median of 16.22.

Finally, our model also underscores that ANF has a P/CF ratio of 11.34. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. ANF's current P/CF looks attractive when compared to its industry's average P/CF of 12.71. Over the past year, ANF's P/CF has been as high as 18.04 and as low as 9.59, with a median of 13.34.

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