Investors looking for stocks in the Semiconductor - Analog and Mixed sector might want to consider either Magnachip (MX) or Microchip Technology (MCHP). But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.Right now, Magnachip is sporting a Zacks Rank of #2 (Buy), while Microchip Technology has a Zacks Rank of #3 (Hold). Investors should feel comfortable knowing that MX likely has seen a stronger improvement to its earnings outlook than MCHP has recently. But this is just one piece of the puzzle 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.Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.MX currently has a forward P/E ratio of 16.94, while MCHP has a forward P/E of 18.90. We also note that MX has a PEG ratio of 0.63. 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. MCHP currently has a PEG ratio of 1.03.Another notable valuation metric for MX is its P/B ratio of 1.96. 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, MCHP has a P/B of 8.10.These metrics, and several others, help MX earn a Value grade of B, while MCHP has been given a Value grade of C.MX is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that MX is likely the superior value option right now. Zacks' Top Picks to Cash in on Artificial Intelligence In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>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 Magnachip Semiconductor Corp. (MX): Free Stock Analysis Report Microchip Technology Incorporated (MCHP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research