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.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.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.American Axle & Manufacturing (AXL) is a stock many investors are watching right now. AXL is currently holding a Zacks Rank of #1 (Strong Buy) and a Value grade of A. The stock has a Forward P/E ratio of 7.51. This compares to its industry's average Forward P/E of 20.47. Over the past 52 weeks, AXL's Forward P/E has been as high as 19.27 and as low as -218.01, with a median of 6.77.Investors will also notice that AXL has a PEG ratio of 0.93. 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. AXL's industry currently sports an average PEG of 1.23. AXL's PEG has been as high as 2.39 and as low as -27.02, with a median of 0.84, all within the past year.Investors should also recognize that AXL has a P/B ratio of 3.57. 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. AXL's current P/B looks attractive when compared to its industry's average P/B of 4.13. Over the past year, AXL's P/B has been as high as 4.85 and as low as 1.90, with a median of 2.84.Value investors will likely look at more than just these metrics, but the above data helps show that American Axle & Manufacturing is likely undervalued currently. And when considering the strength of its earnings outlook, AXL sticks out at as one of the market's strongest value stocks.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 American Axle & Manufacturing Holdings, Inc. (AXL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research