Momentum investors will often follow stocks that are making new record or 52-week highs in the hope that their positive ‘momentum’ continues on and new highs can be made.

Value investors, on the other hand, are often more weary when it comes to investing in stocks that have recently made new highs and would, more often than not, be more interested in the companies making 52-week lows.

In any case, looking at shares that are moving in the right direction can be a valuable source of information for all investors and can often provide some of the best buying opportunities when prices do eventually pull-back.

Over the last week, a number of interesting shares have surged to new all time highs including:

Sydney Airport Holdings Ltd (ASX: SYD)

Shares of Sydney Airport surged through the $7 mark last week and, just today, made a new record and 52-week high of $7.17. Investors are flocking to the shares following last week’s decision by the RBA to lower interest rates as Sydney Airport is viewed as one of the safest income shares on the ASX. Despite this, it appears some investors are now treating the shares like bonds and this has driven its valuation to near unsustainable levels. While interest rates are expected to remain low for sometime, investors buying at these levels should expect to see the share price fall when interest rates do eventually begin to reverse.

Corporate Travel Management Ltd (ASX: CTD)

Corporate Travel shares continue to power ahead and are now trading at an all time high of $15.27 – a gain of 663% over the past five years! The shares’ recent strength comes off the back of another strategic acquisition that will see the company’s footprint in the lucrative US market expand even further. Corporate Travel is one of the few Australian listed companies that has been truly successful using an acquisition strategy to expand overseas. With that said, the shares look quite expensive at the moment, trading at around 40x this year’s estimated earnings.

Treasury Wine Estates Ltd (ASX: TWE)

Treasury Wines shares have broken through the $10 per share level for the first time to a new all time high. The recent surge in the share price comes down to an impressive first half result, combined with a positive growth outlook. The company more than doubled its first half profits with exceptionally strong growth being delivered from North America and Asia. Investors will be expecting this strong growth to continue especially out of Asia where wine is becoming increasingly popular. Despite this, the expected growth is seemingly priced in with the shares trading at nearly 38x earnings and offering a dividend yield of just 1.7%.

I would happily be an investor of all three companies – but only at the right price. Luckily, there are three stocks that are excellent alternatives trading at far more attractive prices right now!

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Motley Fool contributor Christopher Georges has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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 Bruce Jackson.