3 ASX shares at 52-week lows: Are they bargain buys?

The Coca-Cola Amatil Ltd (ASX:CCL) share price is one of three that fell to a 52-week low last week. Are they in the buy zone now?

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With the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) falling sharply on Friday it will come as little surprise to learn that a number of shares fell to 52-week lows.

Three in particular which caught my eye are listed below. Have they fallen into the buy zone?

The Coca-Cola Amatil Ltd (ASX: CCL) share price fell to a 52-week low of $8.33 on Friday following a disappointing couple of days of trading. As well as losing the Domino's Pizza Enterprises Ltd. (ASX: DMP) supply contract to rival Pepsi, the embattled beverage company was dealt a big blow when Woolworths Limited (ASX: WOW) revealed that it wouldn't be stocking its new Coca-Cola No Sugar brand. As tempting as it may be to pick up shares today, I would suggest investors hold off for the time being and wait to see if a better entry point presents itself.

The Ellex Medical Lasers Limited (ASX: ELX) share price hit a 52-week low of 92 cents on Friday after the medical device company provided the market with an update on its full-year sales. The company expects to report full-year sales of $71.7 million in FY 2017, down 1.6% on the previous year. Management intends to invest heavily in sales and marketing in FY 2018 in order to get sales back on track. With the minimally invasive glaucoma surgery market expected to grow from approximately US$200 million today to US$1 billion by 2021, I feel Ellex could be worth a closer look after its recent fall.

The Tassal Group Limited (ASX: TGR) share price touched on a 52-week low of $3.62 last week. This has left the salmon producer's shares nursing a decline of over 15% in the last three months. These declines appear to stem from court proceedings between it and rival Huon Aquaculture Group Ltd (ASX: HUO). But with the court ruling in favour of Tassal, I believe now could be an opportune time to make a buy and hold investment. After all, while the shift to healthier diets may not be great news for Coca-Cola Amatil, it can only be a good thing for Tassal in my opinion.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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.

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