NEW YORK (

TheStreet

) --

Veeco Instruments

(Nasdaq:

VECO

) hit a new 52-week high Tuesday as it is currently trading at $56.26, above its previous 52-week high of $56.19 with 353,580 shares traded as of 10:58 a.m. ET. Average volume has been 1.2 million shares over the past 30 days.

Veeco Instruments has a market cap of $2.2 billion and is part of the

technology

sector and

electronics

industry. Shares are up 28.2% year to date as of the close of trading on Friday.

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Veeco Instruments Inc. designs, manufactures, and markets equipment to make high brightness light emitting diodes (HB LEDs), solar panels, hard-disk drives, and other devices. The company has a P/E ratio of 8.1, above the average electronics industry P/E ratio of 6.1 and below the S&P 500 P/E ratio of 17.7.

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TheStreet Ratings rates Veeco Instruments as a

buy

. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, attractive valuation levels and solid stock price performance. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results. You can view the full

Veeco Instruments Ratings Report

.

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