Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One stock to keep an eye on is Mr. Cooper Group (COOP Quick QuoteCOOP - Free Report) . COOP is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is trading with P/E ratio of 8.11 right now. For comparison, its industry sports an average P/E of 9.96. Over the past 52 weeks, COOP's Forward P/E has been as high as 9.47 and as low as 6.76, with a median of 7.86.

Investors should also note that COOP holds a PEG ratio of 0.31. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. COOP's industry has an average PEG of 0.50 right now. Within the past year, COOP's PEG has been as high as 0.31 and as low as 0.27, with a median of 0.30.

These are only a few of the key metrics included in Mr. Cooper Group'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, COOP looks like an impressive value stock at the moment.