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.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader 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.

One company to watch right now is The Shyft Group (SHYF). SHYF 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 8.77, while its industry has an average P/E of 18.61. SHYF's Forward P/E has been as high as 26.31 and as low as 7.51, with a median of 14.98, all within the past year.

Another notable valuation metric for SHYF is its P/B ratio of 1.20. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 3.17. SHYF's P/B has been as high as 2.32 and as low as 1.01, with a median of 1.70, over the past year.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. SHYF has a P/S ratio of 0.39. This compares to its industry's average P/S of 0.53.

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

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This article originally published on Zacks Investment Research (zacks.com).

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