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NEW YORK ( TheStreet) -- Novellus Systems (Nasdaq: NVLS) hit a new 52-week high Wednesday as it is currently trading at $48.07, above its previous 52-week high of $48.04 with 2.4 million shares traded as of 2:40 p.m. ET. Average volume has been 2.7 million shares over the past 30 days. Novellus Systems has a market cap of $3.1 billion and is part of the technology sector and electronics industry. Shares are up 16.2% year to date as of the close of trading on Tuesday. Novellus Systems, Inc., together with its subsidiaries, develops, manufactures, sells, and supports equipment used in the fabrication of integrated circuits. The company operates in two segments, Semiconductor Group and Industrial Applications Group. The company has a P/E ratio of 13.3, below the average electronics industry P/E ratio of 13.5 and below the S&P 500 P/E ratio of 17.7.