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 use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One company value investors might notice is Avanos Medical (AVNS). AVNS is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock holds a P/E ratio of 12.94, while its industry has an average P/E of 32.36. Over the past 52 weeks, AVNS's Forward P/E has been as high as 21.37 and as low as 11.70, with a median of 13.44.

AVNS is also sporting a PEG ratio of 0.99. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. AVNS's PEG compares to its industry's average PEG of 2.59. Over the last 12 months, AVNS's PEG has been as high as 1.72 and as low as 0.98, with a median of 1.09.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. AVNS has a P/S ratio of 1.25. This compares to its industry's average P/S of 2.91.

Another great Medical - Instruments stock you could consider is Elekta (EKTAY), which is a # 2 (Buy) stock with a Value Score of A.

Furthermore, Elekta holds a P/B ratio of 2.37 and its industry's price-to-book ratio is 4.30. EKTAY's P/B has been as high as 3.47, as low as 2.23, with a median of 2.76 over the past 12 months.

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

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AVANOS MEDICAL, INC. (AVNS) : Free Stock Analysis Report

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