With the market close to its all-time high, it will come as no surprise to learn that a number of shares are making new highs of their own.
Three shares that managed to climb to 52-week highs or better are listed below. Here’s why they are on a high right now:
The BWX Ltd (ASX: BWX) share price raced to a 52-week high of $4.44 on Monday. The personal care products company’s shares have been on a very strong run this year thanks to its improved performance in the second half of FY 2019. Although the company behind the Sukin brand reported a 50% decline in profits, its performance in the second half caught the eye of investors. It was the same for management’s guidance for 25% revenue growth and 25% to 35% EBITDA growth in FY 2020. This appears to be a sign that the company is over the worst of its issues now, much to the horror of the short sellers that were targeting it.
The Coca-Cola Amatil Ltd (ASX: CCL) share price continued its positive run and hit a multi-year high of $11.45 yesterday. Investors have been buying the beverage company’s shares due to its improving outlook following a two-year transition plan. Management believes this plan has left it positioned for growth from 2020. One broker that liked what it saw was Macquarie. On Monday the broker took its sell rating off its shares and upgraded them to neutral.
The Kogan.com Ltd (ASX: KGN) share price surged to a 52-week high of $7.64 on Monday. The ecommerce company’s shares have been on fire this year thanks to a strong second-half to FY 2019 and an impressive start to the new financial year. Last month Kogan released its first quarter update and revealed a 16% increase in gross sales and a 28% lift in gross profit. Another positive was management’s good cost control. Kogan’s operating costs grew less than 3% over the prior corresponding period. Furthermore, CEO Ruslan Kogan spoke very positively on the future and appears confident it is well-placed to continue this strong growth.
5 stocks under $5
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*Extreme Opportunities returns as of June 5th 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended BWX Limited. The Motley Fool Australia has recommended Kogan.com ltd. 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 Scott Phillips.
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