Value investing is easily one of the most popular ways to find great stocks in any market environment. After all, who wouldn’t want to find stocks that are either flying under the radar and are compelling buys, or offer up tantalizing discounts when compared to fair value?One way to find these companies is by looking at several key metrics and financial ratios, many of which are crucial in the value stock selection process. Let’s put Macy's M into this equation and find out if it is a good choice for value-oriented investors right now, or if investors subscribing to this methodology should look elsewhere for top picks:PE RatioA key metric that value investors always look at is the Price to Earnings Ratio, or PE for short. This shows us how much investors are willing to pay for each dollar of earnings in a given stock, and is easily one of the most popular financial ratios in the world. The best use of the PE ratio is to compare the stock’s current PE ratio with: a) where this ratio has been in the past; b) how it compares to the average for the industry/sector; and c) how it compares to the market as a whole.On this front, Macy's has a trailing twelve months PE ratio of 7.2, as you can see in the chart below:Image Source: Zacks Investment ResearchThis level actually compares pretty favorably with the market at large, as the PE for the S&P 500 stands at about 24.5. If we focus on the long-term PE trend, its current PE level puts it below its midpoint over the past five years.Image Source: Zacks Investment ResearchFurther, the stock’s PE also compares favorably with its sector’s trailing twelve months PE ratio, which stands at 29.3. At the very least, this indicates that the stock is relatively undervalued right now, compared to its peers.Image Source: Zacks Investment ResearchWe should also point out that Macy's has a forward PE ratio (price relative to this year’s earnings) of just 5.5, so it is fair to say that a slightly more value-oriented path may be ahead for M stock in the near term too.P/S RatioAnother key metric to note is the Price/Sales ratio. This approach compares a given stock’s price to its total sales, where a lower reading is generally considered better. Some people like this metric more than other value-focused ones because it looks at sales, something that is far harder to manipulate with accounting tricks than earnings.Right now, Macy's has a P/S ratio of about 0.4. This is a lower than the S&P 500 average, which comes in at 5.1 right now. We can see in the chart below, this is above the highs for this stock in particular over the past few years.Image Source: Zacks Investment ResearchIf anything, this suggests some level of undervalued trading—at least compared to historical norms.Broad Value OutlookIn aggregate, Macy's currently has a Value Score of B, putting it into the top 40% of all stocks we cover from this look. This makes Macy's a solid choice for value investors.For example, the P/CF ratio (another great indicator of value) comes in at 28.7, (which is somewhat better than the industry average of 31.7). The PEG ratio (another great indicator of value) comes in at 0.5, (which is somewhat better than the industry average of 0.6). Clearly, M is a solid choice on the value front from multiple angles.What About the Stock Overall?Though Macy's might be a good choice for value investors, there are plenty of other factors to consider before investing in this name. In particular, it is worth noting that the company has a Growth Score of B and a Momentum Score of B. This gives Macy's a Zacks VGM score — or its overarching fundamental grade — of A. (You can read more about the Zacks Style Scores here >>)Meanwhile, the company’s recent earnings estimates have been robust at best. The current year and the next year have seen seven estimates go higher and none moved lower in the past sixty days.This has had a noticeable impact on the consensus estimate though as the current year and the next year’s estimates have increased by 26.8% and 17.6%, respectively. You can see the consensus estimate trend and recent price action for the stock in the chart below:Macy's, Inc. Price and Consensus Macy's, Inc. price-consensus-chart | Macy's, Inc. QuoteThis bullish trend is why the stock has a Zacks Rank #1 (Strong Buy) and why we are expecting outperformance from the company in the near term.Bottom LineMacy's is an inspired choice for value investors, as it is hard to beat its incredible lineup of statistics on this front. Boasting a solid industry rank (top 1%) and a top Zacks Rank, the company deserves attention right now. However, over the past two years, the sector has underperformed the broader market, as you can see below: Image Source: Zacks Investment ResearchNonetheless, it might pay for value investors to delve deeper into the company’s prospects, as fundamentals indicate that this stock could be a compelling pick. Bitcoin, Like the Internet Itself, Could Change Everything Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. 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