Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

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 to watch right now is Alaska Air Group (ALK). ALK is currently sporting a Zacks Rank of #1 (Strong Buy) and an A for Value. The stock is trading with a P/E ratio of 7.04, which compares to its industry's average of 18.01. Over the last 12 months, ALK's Forward P/E has been as high as 9.26 and as low as 5.47, with a median of 7.54.

ALK is also sporting a PEG ratio of 0.42. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. ALK's industry has an average PEG of 0.99 right now. ALK's PEG has been as high as 0.90 and as low as 0.41, with a median of 0.57, all within the past year.

If you're looking for another solid Transportation - Airline value stock, take a look at International Consolidated Airlines Group (ICAGY). ICAGY is a # 1 (Strong Buy) stock with a Value score of A.

International Consolidated Airlines Group is trading at a forward earnings multiple of 4.99 at the moment, with a PEG ratio of 0.81. This compares to its industry's average P/E of 18.01 and average PEG ratio of 0.99.

ICAGY's price-to-earnings ratio has been as high as 5.13 and as low as 3.80, with a median of 4.30, while its PEG ratio has been as high as 1.07 and as low as 0.07, with a median of 0.83, all within the past year.

Furthermore, International Consolidated Airlines Group holds a P/B ratio of 1.04 and its industry's price-to-book ratio is 4.98. ICAGY's P/B has been as high as 1.65, as low as 0.78, with a median of 1.01 over the past 12 months.

These are only a few of the key metrics included in Alaska Air Group and International Consolidated Airlines Group strong Value grade, but they help show that the stocks are likely undervalued right now. When factoring in the strength of its earnings outlook, ALK and ICAGY look like an impressive value stock at the moment.