NEW YORK (

TheStreet

) --

Newport Corporation

(Nasdaq:

NEWP

) hit a new 52-week high Thursday as it is currently trading at $19.51, above its previous 52-week high of $18.99 with 142,604 shares traded as of 9:37 a.m. ET. Average volume has been 347,000 shares over the past 30 days.

Newport has a market cap of $658.2 million and is part of the

technology

sector and

electronics

industry. Shares are up 2.9% year to date as of the close of trading on Wednesday.

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Newport Corporation develops, manufactures, and markets technology products and systems to various industries worldwide. The company operates in two divisions, Photonics and Precision Technologies (PPT), and Lasers. The company has a P/E ratio of 16.3, equal to the average electronics industry P/E ratio and below the S&P 500 P/E ratio of 16.9.

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TheStreet Ratings rates Newport as a

buy

. The company's strengths can be seen in multiple areas, such as its solid stock price performance, compelling growth in net income, robust revenue growth, notable return on equity and attractive valuation levels. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook. You can view the full

Newport Ratings Report

.

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