Investors with an interest in Food - Meat Products stocks have likely encountered both Pilgrim's Pride (PPC) and Hormel Foods (HRL). But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.Currently, Pilgrim's Pride has a Zacks Rank of #2 (Buy), while Hormel Foods has a Zacks Rank of #4 (Sell). Investors should feel comfortable knowing that PPC likely has seen a stronger improvement to its earnings outlook than HRL has recently. But this is just one factor that value investors are interested in.Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.PPC currently has a forward P/E ratio of 10.45, while HRL has a forward P/E of 26.86. We also note that PPC has a PEG ratio of 1.99. 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. HRL currently has a PEG ratio of 4.45.Another notable valuation metric for PPC is its P/B ratio of 1.94. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, HRL has a P/B of 3.93.These metrics, and several others, help PPC earn a Value grade of A, while HRL has been given a Value grade of C.PPC stands above HRL thanks to its solid earnings outlook, and based on these valuation figures, we also feel that PPC is the superior value option right now.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Pilgrims Pride Corporation (PPC): Free Stock Analysis Report Hormel Foods Corporation (HRL): Free Stock Analysis Report To read this article on Zacks.com click here.