Cytec Industries Rating Reiterated by Citigroup Inc. (CYT)
Cytec Industries (NYSE:CYT)‘s stock had its “neutral” rating restated by stock analysts at Citigroup Inc. in a report issued on Monday. They currently have a $113.00 target price on the stock, up from their previous target price of $108.00. Citigroup Inc.’s price objective would indicate a potential upside of 7.68% from the stock’s previous close.
CYT has been the subject of a number of other recent research reports. Analysts at Jefferies Group raised their price target on shares of Cytec Industries from $105.00 to $120.00 in a research note on Monday, July 21st. They now have a “hold” rating on the stock. Separately, 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, July 21st. They now have an “outperform” rating on the stock. Finally, analysts at Deutsche Bank reiterated a “hold” rating on shares of Cytec Industries in a research note on Monday, July 21st. 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. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Cytec Industries presently has an average rating of “Hold” and an average price target of $112.70.
Shares of Cytec Industries (NYSE:CYT) traded up 1.15% during mid-day trading on Monday, hitting $106.15. 284,118 shares of the company’s stock traded hands. Cytec Industries has a 52-week low of $74.29 and a 52-week high of $109.25. The stock has a 50-day moving average of $103.6 and a 200-day moving average of $97.11. The company has a market cap of $3.811 billion and a price-to-earnings ratio of 16.57.
Cytec Industries (NYSE:CYT) last posted its quarterly earnings results on Friday, July 18th. The company reported $1.71 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $1.51 earnings per share. Cytec Industries’s revenue was up 2.6% compared to the same quarter last year. Analysts expect that Cytec Industries will post $5.94 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, August 25th. Stockholders of record on Monday, August 11th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date of this dividend is Thursday, August 7th. This is a boost from Cytec Industries’s previous quarterly dividend of $0.13.
In other Cytec Industries news, Treasurer P Jeffery Fitzgerald sold 2,332 shares of Cytec Industries stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $107.26, for a total value of $250,130.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Cytec Industries Inc is a global specialty materials and Chemicals Company focused on developing, manufacturing and selling value-added products.
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