There are a number of reasons why share prices fluctuate. These can include decreasing earnings, changes to profit guidance, and general market sentiment.

It is quite common to find the market overreacting at times as well. When this happens a company’s shares can be found priced at previously unthinkable levels. This can create great buying opportunities for savvy investors, who are in the market for bargains.

There are a few shares on the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) at the moment which I feel could now be in bargain territory.

AIR N.Z. FPO NZ (ASX: AIZ)

Air New Zealand trades at a little over 5 times earnings. This is a discount to Qantas Airways Limited (ASX: QAN) which trades at 7 times earnings. It is worth pointing out that airlines around the world all trade at lower than market-average multiples. But I feel Air New Zealand is especially low considering low oil prices and a tourism boom in New Zealand. At the current level I believe Air New Zealand is a good investment.

Australia and New Zealand Banking Group (ASX: ANZ)

It isn’t too surprising to learn that ANZ is trading at the lowest price-to-earnings ratio of the big four banks. While the others are priced at around 13 times earnings, ANZ is trading just under 10 times earnings presently. As troubled as the bank has been, if none of the market’s fears eventuate then we’re looking at a real bargain here in my opinion.

Metcash Limited (ASX: MTS)

Trading at close to its 52-week high, yet less than 10 times estimated forward earnings makes the shares of Metcash an interesting option. Earnings are expected to be down this year, but if the company can turn around its performance next year then I feel its shares are priced nicely for future gains. Metcash could be a good alternative to Wesfarmers Ltd (ASX: WES) which is priced at 19 times estimated forward earnings.

Myer Holdings Ltd (ASX: MYR)

I’ve not been a big fan of Myer in the past, but must admit that if management can turn the fortunes of this struggling retail icon around then shareholders will be rewarded handsomely. The company does own a number of exciting brands such as Sass & Bide and recently welcomed British retail giants Topman and Topshop into its department stores. If it can use these brands to attract a younger audience, then things might start to pick up. Myer’s shares are trading at 12 times estimated forward earnings, compared to the consumer discretionary average of 20.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.