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.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One stock to keep an eye on is Miller Industries (MLR). MLR is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with P/E ratio of 11.59 right now. For comparison, its industry sports an average P/E of 14.56. MLR's Forward P/E has been as high as 13.12 and as low as 10.40, with a median of 11.46, all within the past year.

Another valuation metric that we should highlight is MLR's P/B ratio of 1.91. 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 stock's P/B looks attractive against its industry's average P/B of 1.93. Over the past year, MLR's P/B has been as high as 2.23 and as low as 1.27, with a median of 1.80.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. MLR has a P/S ratio of 0.57. This compares to its industry's average P/S of 0.64.

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

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