NEW YORK ( TheStreet) -- Thomas & Betts Corporation (NYSE: TNB) hit a new 52-week high Tuesday as it is currently trading at $71.45, above its previous 52-week high of $71.36 with 1.1 million shares traded as of 10:05 a.m. ET. Average volume has been 323,900 shares over the past 30 days.

Thomas & Betts has a market cap of $3.01 billion and is part of the industrial goods sector and industrial industry. Shares are up 30.6% year to date as of the close of trading on Monday.

Thomas & Betts Corporation designs, manufactures, and markets electrical components for industrial, construction, and utility markets in the United States, Canada, and Europe. It operates in three segments: Electrical; Steel Structures; and Heating, Ventilation, and Air-Conditioning (HVAC). The company has a P/E ratio of 18.1, above the average industrial industry P/E ratio of 17.7 and above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Thomas & Betts as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. 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 Thomas & Betts Ratings Report.

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