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.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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 & Minor (OMI) is a stock many investors are watching right now. OMI 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 8.92, which compares to its industry's average of 26.05. Over the past year, OMI's Forward P/E has been as high as 24.77 and as low as 8.92, with a median of 12.31.

Another notable valuation metric for OMI is its P/B ratio of 3. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. OMI's current P/B looks attractive when compared to its industry's average P/B of 3.68. Within the past 52 weeks, OMI's P/B has been as high as 5.02 and as low as 1.02, with a median of 3.07.

Finally, our model also underscores that OMI has a P/CF ratio of 10.51. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. OMI's current P/CF looks attractive when compared to its industry's average P/CF of 21.80. Over the past year, OMI's P/CF has been as high as 42.36 and as low as 4.82, with a median of 18.37.

These are only a few of the key metrics included in Owens & Minor's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, OMI looks like an impressive value stock at the moment.

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