The S&P/ASX 200 Index (ASX: XJO) is down 1.0% today, with these three ASX 200 stocks falling to one-year-plus lows.
Does that make them bargain buys, or do they remain proverbial falling knives?
Let's have a look.
Image source: Getty Images
ASX 200 stocks hitting 52-week-plus lows
The first company trading at multi-year lows today is Woolworths Group Ltd (ASX: WOW).
Shares in the supermarket giant are down 0.3% in afternoon trade on Wednesday, changing hands for $27.07 apiece.
That sees shares in the ASX 200 stock down 17.5% in a year. And it marks the lowest Woolworths share price since June 2019.
So, should you buy the big dip on Woolworths shares?
According to Shaw and Partners' Jed Richards, that's a yes.
Richards noted:
We suggest investors buy the stock while sentiment is low and value is compelling. The stock is currently out of favour, so it offers a rare entry point into a high-quality defensive business with strong brand loyalty.
Company earnings are resilient, supported by essential consumer spending. In our view, Woolworths presents upside potential for portfolios seeking stability and recovery.
Moving on to the second ASX 200 stock trading at 52-week-plus lows, we find James Hardie Industries PLC (ASX: JHX).
Shares in the building materials company are down 4.5% at the time of writing, trading for $28.24 apiece. This puts the James Hardie share price down 50.1% since this time last year.
You'd have to go back to January 2023 to find James Hardie shares trading for a lower price.
Time to buy?
That's another yes, according to the team at Macquarie Group Ltd (ASX: MQG).
The broker has an outperform rating and $37.20 price target for James Hardie shares. That represents a potential upside of almost 32% from current levels.
Which brings us to the third ASX 200 stock trading at one-year-plus lows, ASX Ltd (ASX: ASX), which operates the largest securities exchange in Australia.
The ASX share price is down 1.4% in afternoon trade today at $59.68. That sees shares down 5.3% over 12 months. And it's the lowest share price for ASX stock since last June.
As for whether this ASX 200 stock is trading at a bargain, Bell Potter's Christopher Watt has a sell rating on ASX shares.
According to Watt:
The ASX faces rising cost pressures, with operating expenses forecast to increase between 14 per cent and 19 per cent in fiscal year 2026, partly due to ongoing investigations by the Australian Securities and Investments Commission (ASIC).
With limited catalysts, the stock appears expensive at this point, in our view.
