Investors looking for stocks in the Manufacturing - General Industrial sector might want to consider either Wolseley PLC (FERG) or Graco Inc. (GGG). But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. 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, both Wolseley PLC and Graco Inc. are holding a Zacks Rank of # 2 (Buy). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that these stocks have improving earnings outlooks. But this is only part of the picture for value investors.Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their 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.FERG currently has a forward P/E ratio of 21.84, while GGG has a forward P/E of 33.37. We also note that FERG has a PEG ratio of 2.10. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. GGG currently has a PEG ratio of 4.17.Another notable valuation metric for FERG is its P/B ratio of 8.46. 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. By comparison, GGG has a P/B of 8.74.These are just a few of the metrics contributing to FERG's Value grade of B and GGG's Value grade of D.Both FERG and GGG are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that FERG is the superior value option right now. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>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 Wolseley PLC (FERG): Free Stock Analysis Report Graco Inc. (GGG): Free Stock Analysis Report To read this article on Zacks.com click here.