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.

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 rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

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.

Owens Corning (OC) is a stock many investors are watching right now. OC is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock is trading with P/E ratio of 11.54 right now. For comparison, its industry sports an average P/E of 17.41. Over the last 12 months, OC's Forward P/E has been as high as 13.40 and as low as 9.27, with a median of 10.95.

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. OC has a P/S ratio of 1.49. This compares to its industry's average P/S of 1.82.

Finally, our model also underscores that OC has a P/CF ratio of 9.61. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 15.87. Within the past 12 months, OC's P/CF has been as high as 11.02 and as low as 6.94, with a median of 8.98.

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

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