The market may be on course to make it two consecutive days of solid gains on Wednesday, but that hasn't stopped a number of shares from slipping to 52-week lows.
Three that were trading at this unwanted milestone today are listed below, are they in the bargain bin now?
The ARB Corporation Limited (ASX: ARB) share price continued its poor run and tumbled to a 52-week low of $15.72 on Wednesday. The 4X4 car accessories company's shares have come under significant selling pressure this year amid concerns that the trade war could impact its business and certain export markets. While I think ARB is a quality company and could be a great buy and hold option, I think it might be best to wait for its first half results release early next year before considering an investment.
The InvoCare Limited (ASX: IVC) share price touched on a 52-week low of $11.01 before climbing higher today. The funerals company's shares have fallen 31% in 2018 largely on the back of concerns that its shares are overvalued given its underwhelming short term growth prospects. In addition to this, the company has been targeted by short sellers and is one of the most shorted shares on the ASX. On Monday InvoCare had 11.6% of its shares held short. While I feel its shares are starting to look better value now, they'd need to come down a touch further before I'd consider picking them up.
The Sigma Healthcare Ltd (ASX: SIG) share price was trading at a 52-week low of 40 cents this morning before rebounding higher. Investors have been heading to the exits in their droves since the pharmacy chain operator and distributor released its half year results in September. For the first half of FY 2019 Sigma posted an underlying net profit after tax of $19.9 million, down 31.2% on the prior corresponding period. While this puts it on track to achieve its full year underlying EBIT guidance of $75 million, management's outlook for FY 2020 shows that things are expected to get worse before they get better. It expects underlying EBIT of just $40 million to $50 million next year due to the loss of a major supply contract.