It’s not easy to find bargain stocks to buy when the stock market regularly keeps hitting new all-time highs. The S&P 500 is sitting above $5,431 at the moment, a 14% gain in 2024 and 23% higher than where it stood 12 months ago.

Because a rising tide tends to lift all boats that don’t have holes in them, individual stocks are flying high too. A quarter of all stocks trading on the broad-market index have gained more than the index itself. More than 60% are trading in positive territory.

That’s why contrarian investors go fishing in the shallow end of the pond. They look for stocks at or near their 52-week lows to buy because there are some real lunkers to be found there. These big fish got caught up in the weeds and should be primed to turn around.

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Not all stocks hitting bottom should be bought. Many times they are cheap for a reason. But the three stocks below aren’t damaged. Although they are at 52-week lows, they remain a prize catch to buy.

Mosaic (MOS)

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Fertilizer giant Mosaic (NYSE:MOS) is the first stock at a 52-week low to buy. The potash producer was knocked lower because pricing for the key agricultural ingredient is at historically low prices.

Potash is essential for crop growth. Right after the pandemic and due to supply chain constraints, prices for potash soared It currently sells for roughly $305 per metric ton. Although that is above February’s low of $289 per metric ton, it remains 75% below the $1,202 per metric ton price hit in April 2022. Expect prices to keep rising going forward.

Farmers need potash to boost crop yields, which will lift pricing but it will likely stabilize further out.

Mosaic’s stock, however, has fallen along with potash prices. Shares are down about 60% since those heady post-pandemic days. At $28 a share MOS stock is at a level not seen since the pandemic. There are several tailwinds to push it higher including more reliable supply from its Esterhazy potash mine, the need to increase potash usage in emerging markets like India and China, and electric car batteries, which use potash and could consume large percentages of available supply.

Mosaic looks like a stock that hit bottom but is poised to rebound much higher.

Ambev (ABEV)

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Brazilian brewer Ambev (NYSE:ABEV) is next on the list of stocks at 52-week lows to buy. While its home country accounts for 54% of total revenue and 49% of operating profits, Ambev has a dominant position throughout Central and South America. The brewer owns an 81% share of the volume market in Argentina and a 61% share in Peru. In Brazil, Ambev owns 68% of the market.

Sliding profit margins due to the pandemic that raised commodity costs have yet to recover to their previous highs and weigh on Ambev stock. Beer consumption is also falling, though not nearly as sharply as here in the U.S. It could be more of a temporary condition than a secular decline and the brewer has plenty of opportunity to recover from its recent lows.

ABEV stock hasn’t traded this low since the late-2000s (excluding the pandemic). As commodity prices revert to the mean, Ambev should see some benefit to its bottom line. Similarly, the ongoing premiumization of beer that occurred in the U.S. is happening south of the border too. That should boost Ambev’s profit margins and raise its stock price as well.

Brown-Forman (BF-A, BF-B)

Source: T. Schneider / Shutterstock.com

In that same vein, distiller Brown-Forman (NYSE:BF-A, NYSE:BF-B) deserves your consideration as well as a beaten-down stock ready to rise up again. It is the owner of one of the world’s most recognizable whiskey brands, Jack Daniels, but also Herradura tequila, Chambord liqueur and Korbel champagne.

Despite sitting atop the Tennessee whiskey and Kentucky bourbon markets, sales of Jack Daniels are slumping. Management said it was a “difficult year for spirits.” Still, whiskey remains a popular category and its premium positioning puts it in the top position to capture future sales.

Previously, Brown-Form was very narrowly focused on whiskey. It shored up that deficit by making acquisitions of super-premium brands in gin and rum. They are not likely to be significant revenue contributors immediately but provide a base from which to grow.

At $42 per share, Brown-Forman stock hasn’t traded this low since 2017. It marks an excellent entry point for an investor looking for company trading at years-long lows.

On the date of publication, Rich Duprey did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Rich Duprey has written about stocks and investing for the past 20 years. His articles have appeared on Nasdaq.com, The Motley Fool, and Yahoo! Finance, and he has been referenced by U.S. and international publications, including MarketWatch, Financial Times, Forbes, Fast Company, USA Today, Milwaukee Journal Sentinel, Cheddar News, The Boston Globe, L’Express, and numerous other news outlets.

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