Investors interested in stocks from the Manufacturing - Farm Equipment sector have probably already heard of Agco (AGCO) and Deere (DE). But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.Currently, both Agco and Deere are holding a Zacks Rank of # 1 (Strong Buy). This means that both companies have witnessed positive earnings estimate revisions, so investors should feel comfortable knowing that both of these stocks have an improving earnings outlook. But this is just one piece of the puzzle for value investors.Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its 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.AGCO currently has a forward P/E ratio of 20.68, while DE has a forward P/E of 31.16. We also note that AGCO has a PEG ratio of 2.38. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. DE currently has a PEG ratio of 3.81.Another notable valuation metric for AGCO is its P/B ratio of 2.22. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, DE has a P/B of 5.71.These metrics, and several others, help AGCO earn a Value grade of B, while DE has been given a Value grade of D.Both AGCO and DE are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that AGCO is the superior value option right now.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 AGCO Corporation (AGCO): Free Stock Analysis Report Deere Company (DE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research