The Australian share market may have fallen heavily on Thursday, but not all shares dropped lower with it.
In fact, a number of shares even managed to climb to 52-week highs. Three that achieved this are listed below, is it too late to invest?
The Clover Corporation Limited (ASX: CLV) share price hit an all-time high of $2.26 on Thursday. The refiner and seller of omega-3 oils used in infant formula and supplements has caught the eye of investors this year with some stellar profit growth. The company built on its impressive performance in FY 2018 with a 40% increase in net profit after tax to $4.5 million during the first half of FY 2019. This strong result led to UBS retaining its buy rating and lifting the price target on Clover's shares to $2.10. However, as its shares have now moved beyond this level, I would suggest investors hold back from investing for the time being.
The Magellan Financial Group Ltd (ASX: MFG) share price pushed higher and reached an all-time high of $38.25 yesterday. Investors have been fighting to get hold of the fund manager's shares since the release of an impressive half year result in February. In the first half of FY 2019 the company posted a 40.8% increase in revenue and a massive 224.6% lift in net profit after tax. This was driven by the outperformance of its funds and a strong increase in funds under management. Whilst I'm a big fan of the company, I think its shares are fully valued now and would suggest investors wait for a better entry point.
The Myer Holdings Ltd (ASX: MYR) share price continued its positive run and hit a 52-week high of 64 cents on Thursday. Early indications that the department store operator's turnaround strategy may be working appears to have impressed the market. In the first half of FY 2019 Myer posted a net profit after tax of $41.3 million on revenue of $1.67 billion. Although revenue was down 2.8%, its net profit rose 3.1% on the prior corresponding period thanks to its focus on profitable sales. I'm a little more positive on Myer after that result, but I feel its shares are now fully valued after rising over 52% this year.
