The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

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 value investors might notice is Leggett & Platt (LEG). LEG 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 9.28, while its industry has an average P/E of 11.73. Over the past year, LEG's Forward P/E has been as high as 17.44 and as low as 7.93, with a median of 10.43.

Investors should also recognize that LEG has a P/B ratio of 2. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 2.05. Over the past 12 months, LEG's P/B has been as high as 2.83 and as low as 1.07, with a median of 2.07.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. LEG has a P/S ratio of 0.32. This compares to its industry's average P/S of 0.4.

These are only a few of the key metrics included in Leggett & Platt'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, LEG looks like an impressive value stock at the moment.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Leggett & Platt, Incorporated (LEG) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research