Insider Selling: Cytec Industries CEO Sells 6,017 Shares of Stock (CYT)
Cytec Industries (NYSE:CYT) CEO Shane D. Fleming unloaded 6,017 shares of Cytec Industries stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $103.07, for a total transaction of $620,172.19. Following the transaction, the chief executive officer now directly owns 17,272 shares of the company’s stock, valued at approximately $1,780,225. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Cytec Industries (NYSE:CYT) traded up 0.10% during mid-day trading on Thursday, hitting $103.37. 171,269 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’s 50-day moving average is $103.8 and its 200-day moving average is $98.04. The company has a market cap of $3.711 billion and a P/E ratio of 16.31. Cytec Industries shares are set to split on Thursday, September 18th. The 2-1 split was announced on Thursday, July 17th. The newly created shares will be payable to shareholders after the closing bell on Wednesday, September 17th.
Cytec Industries (NYSE:CYT) last issued its quarterly earnings data 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 in the prior year, the company posted $1.51 earnings per share. The company’s quarterly revenue 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 declared a quarterly dividend, which is scheduled for Monday, August 25th. Investors 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 0.97%. The ex-dividend date of this dividend is Thursday, August 7th. This is an increase from Cytec Industries’s previous quarterly dividend of $0.13.
CYT has been the subject of a number of recent research reports. 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 analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average 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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