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.

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.

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.

Griffon (GFF Quick QuoteGFF - Free Report) is a stock many investors are watching right now. GFF is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock holds a P/E ratio of 11.67, while its industry has an average P/E of 16.37. Over the past 52 weeks, GFF's Forward P/E has been as high as 14.95 and as low as 9.47, with a median of 12.29.

Finally, investors will want to recognize that GFF has a P/CF ratio of 11.42. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. GFF's P/CF compares to its industry's average P/CF of 13.84. Over the past year, GFF's P/CF has been as high as 15.24 and as low as 7.47, with a median of 10.67.

These are just a handful of the figures considered in Griffon'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 GFF is an impressive value stock right now.