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.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. 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 Alps Electric (APELY). APELY 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 15.16. This compares to its industry's average Forward P/E of 39.98. Over the past year, APELY's Forward P/E has been as high as 23.19 and as low as 8.48, with a median of 11.04.

APELY is also sporting a PEG ratio of 0.37. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. APELY's PEG compares to its industry's average PEG of 0.84. Within the past year, APELY's PEG has been as high as 5.16 and as low as 0.35, with a median of 1.16.

Another valuation metric that we should highlight is APELY's P/B ratio of 0.83. Investors use the P/B ratio to look at a stock's market value versus 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 2.14. Within the past 52 weeks, APELY's P/B has been as high as 0.83 and as low as 0.54, with a median of 0.64.

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

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