Cytec Industries CEO Shane D. Fleming Unloads 8,946 Shares (CYT)
Cytec Industries (NYSE:CYT) CEO Shane D. Fleming sold 8,946 shares of Cytec Industries stock on the open market in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $101.19, for a total transaction of $905,245.74. Following the completion of the transaction, the chief executive officer now directly owns 17,272 shares of the company’s stock, valued at approximately $1,747,754. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of Cytec Industries (NYSE:CYT) traded up 1.69% on Friday, hitting $101.45. The stock had a trading volume of 133,912 shares. Cytec Industries has a 52-week low of $74.29 and a 52-week high of $109.25. The stock’s 50-day moving average is $103.9 and its 200-day moving average is $97.74. The company has a market cap of $3.642 billion and a price-to-earnings ratio of 15.75. Cytec Industries shares are going to split on the morning of Thursday, September 18th. The 2-1 split was announced on Thursday, July 17th. The newly minted shares will be issued to shareholders after the market closes on Wednesday, September 17th.
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. On average, analysts predict that Cytec Industries will post $6.03 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, August 25th. Stockholders 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 0.99%. The ex-dividend date is Thursday, August 7th. This is a boost from Cytec Industries’s previous quarterly dividend of $0.13.
A number of research firms have recently commented on CYT. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Cytec Industries in a research note on Monday, July 28th. They now have a $113.00 price target on the stock, up previously from $108.00. Separately, 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. Finally, 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. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $116.14.
Cytec Industries Inc is a global specialty materials and Chemicals Company focused on developing, manufacturing and selling value-added products.
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