Cytec Industries Lowered to Underperform at Zacks (CYT)
Cytec Industries (NYSE:CYT) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research note issued to investors on Tuesday, Stock Ratings Network.com reports. They currently have a $80.80 price target on the stock. Zacks‘ price objective points to a potential downside of 3.02% from the stock’s previous close.
Shares of Cytec Industries (NYSE:CYT) traded down 0.73% on Tuesday, hitting $83.32. 435,738 shares of the company’s stock traded hands. Cytec Industries has a 52-week low of $63.05 and a 52-week high of $80.69. The stock’s 50-day moving average is $77.46 and its 200-day moving average is $75.01. The company has a market cap of $2.952 billion and a price-to-earnings ratio of 23.47.
Cytec Industries (NYSE:CYT) last issued its quarterly earnings data on Friday, October 18th. The company reported $1.34 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.32 by $0.02. 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. On average, analysts predict that Cytec Industries will post $4.78 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, November 25th. Stockholders of record on Monday, November 11th will be given a dividend of $0.13 per share. This represents a $0.50 dividend on an annualized basis and a yield of 0.60%. The ex-dividend date of this dividend is Wednesday, November 6th.
CYT has been the subject of a number of other recent research reports. Analysts at Jefferies Group cut their EPS estimates on shares of Cytec Industries in a research note on Monday. They now have a “hold” rating and a $82.00 price target on the stock. They previously had a $77.00 price target on the stock. Separately, 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. Finally, 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $88.97.
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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