Cytec Industries (CYT) Announces Quarterly Earnings, Beats Expectations By $0.02 EPS
Cytec Industries (NYSE:CYT) released its earnings data on Friday. The company reported $1.34 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.32 by $0.02, AnalystRatingsNetwork reports. The company had revenue of $464.00 million for the quarter, compared to the consensus estimate of $482.61 million. During the same quarter last year, the company posted $0.91 earnings per share. Cytec Industries’s revenue was up 1.9% compared to the same quarter last year.
Shares of Cytec Industries (NYSE:CYT) opened at 86.42 on Friday. Cytec Industries has a 1-year low of $63.05 and a 1-year high of $86.73. The stock’s 50-day moving average is $80.52 and its 200-day moving average is $76.26. The company has a market cap of $3.153 billion and a price-to-earnings ratio of 23.01.
The company also recently announced a quarterly dividend, which is scheduled for Monday, November 25th. Investors of record on Monday, November 11th will be paid a dividend of $0.13 per share. This represents a $0.50 annualized dividend and a dividend yield of 0.58%.
Several analysts have recently commented on the stock. Analysts at Cowen and Company initiated coverage on shares of Cytec Industries in a research note to investors on Tuesday, October 8th. They set an “outperform” rating and a $99.00 price target on the stock. On a related note, analysts at Deutsche Bank downgraded shares of Cytec Industries from a “buy” rating to a “hold” rating in a research note to investors on Tuesday, October 8th. They now have a $90.00 price target on the stock, up previously from $85.00. Finally, analysts at Oppenheimer initiated coverage on shares of Cytec Industries in a research note to investors on Thursday, September 26th. They set an “outperform” rating and a $96.00 price target on the stock. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Cytec Industries currently has an average rating of “Buy” and an average price target of $87.93.
Cytec Industries Inc (NYSE:CYT) is a specialty chemicals and materials company focused on developing, manufacturing and selling value-added products.
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