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.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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 company to watch right now is Chemung Financial Corp (CHMG). CHMG is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is trading with P/E ratio of 7.90 right now. For comparison, its industry sports an average P/E of 10. Over the last 12 months, CHMG's Forward P/E has been as high as 10.44 and as low as 7.34, with a median of 9.05.

Another valuation metric that we should highlight is CHMG's P/B ratio of 0.98. The P/B ratio pits a stock's market value against 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 1.72. Over the past 12 months, CHMG's P/B has been as high as 1.19 and as low as 0.91, with a median of 1.06.

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. CHMG has a P/S ratio of 1.38. This compares to its industry's average P/S of 1.87.

Finally, investors will want to recognize that CHMG has a P/CF ratio of 7.52. 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 company's current P/CF looks solid when compared to its industry's average P/CF of 15.05. CHMG's P/CF has been as high as 10.13 and as low as 6.85, with a median of 8.12, all within the past year.

These are just a handful of the figures considered in Chemung Financial Corp's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that CHMG is an impressive value stock right now.

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

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