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.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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 Installed Building Products (IBP). IBP is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock has a Forward P/E ratio of 11.12. This compares to its industry's average Forward P/E of 12.20. Over the past year, IBP's Forward P/E has been as high as 24.54 and as low as 9.53, with a median of 14.16.

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. IBP has a P/S ratio of 1.09. This compares to its industry's average P/S of 1.1.

Finally, our model also underscores that IBP has a P/CF ratio of 9.71. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 15.02. IBP's P/CF has been as high as 18.81 and as low as 8.52, with a median of 12.85, all within the past year.

Investors could also keep in mind Owens Corning (OC), an Building Products - Miscellaneous stock with a Zacks Rank of # 2 (Buy) and Value grade of A.

Shares of Owens Corning are currently trading at a forward earnings multiple of 7.72 and a PEG ratio of 0.82 compared to its industry's P/E and PEG ratios of 12.20 and 1.18, respectively.

OC's price-to-earnings ratio has been as high as 10.70 and as low as 6.44, with a median of 8.77, while its PEG ratio has been as high as 1.23 and as low as 0.30, with a median of 0.61, all within the past year.

Owens Corning also has a P/B ratio of 1.89 compared to its industry's price-to-book ratio of 3.25. Over the past year, its P/B ratio has been as high as 2.38, as low as 1.57, with a median of 2.08.

These are only a few of the key metrics included in Installed Building Products and Owens Corning strong Value grade, but they help show that the stocks are likely undervalued right now. When factoring in the strength of its earnings outlook, IBP and OC look like an impressive value stock at the moment.

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