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.

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 H. B. Fuller (FUL). FUL is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock has a Forward P/E ratio of 12.56. This compares to its industry's average Forward P/E of 22.85. Over the past year, FUL's Forward P/E has been as high as 18.44 and as low as 11.31, with a median of 16.08.

We also note that FUL holds a PEG ratio of 0.79. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. FUL's industry has an average PEG of 2.26 right now. Over the past 52 weeks, FUL's PEG has been as high as 1.54 and as low as 0.71, with a median of 1.16.

We should also highlight that FUL has a P/B ratio of 1.66. 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 3.10. Over the past 12 months, FUL's P/B has been as high as 2.62 and as low as 1.48, with a median of 2.26.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by 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. FUL has a P/S ratio of 0.87. This compares to its industry's average P/S of 1.48.

Finally, we should also recognize that FUL has a P/CF ratio of 10.67. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. FUL's P/CF compares to its industry's average P/CF of 13.60. Over the past year, FUL's P/CF has been as high as 14.69 and as low as 9.48, with a median of 12.63.

Story Continues

Value investors will likely look at more than just these metrics, but the above data helps show that H. B. Fuller is likely undervalued currently. And when considering the strength of its earnings outlook, FUL sticks out at as one of the market's strongest value stocks.

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

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