Just as we examine companies each week that may be rising past their fair value, we can also find companies potentially trading at a bargain price. While many investors would rather have nothing to do with companies tipping the scales at 52-week lows, I think it makes a lot of sense to determine whether the market has overreacted to the downside, just as we often do to the upside.

Here's a look at three fallen angels trading near their 52-week lows that could be worth buying.

Ring the bell
Now here's a stock I'd potentially want in my corner: World Wrestling Entertainment (NYSE: WWE). The company is often called out for its controversial content, but I'm going to call it out for its ability to innovate and turn a profit regardless of the current state of the economy. WWE has been consistently profitable since 2004 and, even with a huge dividend haircut, still sports a dividend yield approaching 5%.

In its most recent quarter, WWE pointed to live events as the main driving force behind its profits, with home video sales trends and talent development weighing on results. Neither of these negatives is surprising, with more content being offered online and talent being one of the primary costs of an entertainment company. It's WWE's ability to innovate that has me intrigued. With a WWE Network potentially in the offing, I'd entertain pinning my hopes on WWE -- especially when what I'd consider its closest peer, Time Warner (NYSE: TWX), has a dividend yield 2 percentage points lower.

Paw-lenty of opportunity
A few months back, I insinuated that pet-related companies could be a go-to sector for the next decade, and I'm sticking to that assumption. Unfortunately for PetMed Express (Nasdaq: PETS), the past few months have not been kind to shareholders, as the company has now missed on earnings in two straight quarters. Is it time to throw in the towel? I think not.

Although PetMed is significantly smaller than PetSmart (Nasdaq: PETM), it possesses a faster revenue growth rate over the past five years (9.8% vs. 8.1%) and is priced at just 2.3 times book value relative to PetSmart at 4.4. Perhaps the best aspect of PetMed is its delectable 5.2% dividend yield. While I would like to see steps taken to control recent jumps in advertising and sales costs, I'd be willing to take a flier considering its strong cash position, 10 straight years of profitability, and the fact that it's already lost 45% of its value this year.

A marginally safe bet
More than a year ago, Hudson City Bancorp (Nasdaq: HCBK) proved me wrong. Then again, a few months ago, I switched course and warned investors to avoid the stock, which now appears to have been a good call. Well, I'm once again going to do my best NFL referee impression and flip my stance back to optimistic.

Despite reporting a 33% drop in income in its latest quarterly results, Hudson City had plenty of positives built into its report. The bank's loan loss provision dropped to $30 million from $50 million and net margin interest ticked slightly higher to 2.14% from 2.13% a year earlier. While I'd hardly call Hudson City's business booming, it is stabilizing, and the prospects for the company turning a profit in 2012 look very good. Not to mention that the company is currently yielding a handsome 5.5% even after a recent dividend haircut. Bank of America (NYSE: BAC) and Citigroup (NYSE: C) may trade more cheaply to book value, but it's very hard to overlook Hudson City, which is at 57% of book value while yielding 5.5%.

Foolish roundup
Take note that not only are the potential pickups this week inexpensive, but they boast incredibly good yields relative to the market average. Adding companies like this to your portfolio puts income in your pocket while giving your money a chance to grow.

Do you think these fallen angels deserve a second chance? Sound off in the comments section below and consider adding World Wrestling Entertainment, PetMed Express, and Hudson City Bancorp to your free and personalized watchlist to keep track of the latest news with each company.