Cytec Industries Price Target Raised to $120.00 at Jefferies Group (CYT)
Equities researchers at Jefferies Group hoisted their price objective on shares of Cytec Industries (NYSE:CYT) from $105.00 to $120.00 in a research report issued on Monday. The firm currently has a “hold” rating on the stock. Jefferies Group’s price objective points to a potential upside of 12.06% from the stock’s previous close.
Cytec Industries (NYSE:CYT) traded down 0.61% during mid-day trading on Monday, hitting $107.09. 337,862 shares of the company’s stock traded hands. Cytec Industries has a one year low of $74.29 and a one year high of $109.25. The stock has a 50-day moving average of $103.0 and a 200-day moving average of $96.75. The company has a market cap of $3.845 billion and a P/E ratio of 17.01.
Cytec Industries (NYSE:CYT) last announced its earnings results on Friday, July 18th. The company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.53 by $0.18. The company had revenue of $527.00 million for the quarter, compared to the consensus estimate of $522.29 million. During the same quarter in the previous year, the company posted $1.51 earnings per share. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. Analysts expect that Cytec Industries will post $5.80 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, August 25th. Investors of record on Monday, August 11th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.93%. The ex-dividend date is Thursday, August 7th. This is an increase from Cytec Industries’s previous quarterly dividend of $0.13.
In other Cytec Industries news, CFO David M. Drillock unloaded 49,038 shares of Cytec Industries stock on the open market in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $107.06, for a total value of $5,250,008.28. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
A number of other analysts have also recently weighed in on CYT. Analysts at Cowen and Company raised their price target on shares of Cytec Industries from $110.00 to $115.00 in a research note on Monday. They now have an “outperform” rating on the stock. Separately, analysts at Deutsche Bank reiterated a “hold” rating on shares of Cytec Industries in a research note on Monday. They now have a $115.00 price target on the stock, up previously from $102.00. They noted that the move was a valuation call. Finally, analysts at Oppenheimer raised their price target on shares of Cytec Industries from $105.00 to $123.00 in a research note on Friday. They now have an “outperform” rating on the stock. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Cytec Industries presently has a consensus rating of “Hold” and an average target price of $112.08.
Cytec Industries Inc is a global specialty materials and Chemicals Company focused on developing, manufacturing and selling value-added products.
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