Dallas, Texas 07/22/2013 (Financialstrend) – The company with primary focus on delivering specialty material and related chemical technologies to serve the diverse range of markets related to mining, plastics, industrial and aerospace sectors, Cytec Industries Inc (NYSE:CYT) had recently attracted its shareholders through the announcement of cash dividends. The Board of Directors had announced on Thursday that the shareholders of the company would entitled to receive quarterly cash dividends at the rate of $0.125 per share. The dividend which had been announced to be paid on the common stock would be paid to those shareholders who hold the stock as on records of August 09, 2013 and would be paid to the investors on August 26, 2013.
This announcement of dividend payments had led the stock of CYT to surge to touch new peaks on Thursday after which there had been marginal decline in the share prices. The stock had steadily surged from the end of June 2013 and had moved on to gain heavily before the bearish trend took over by the middle of this month. The recent upsurge in the prices in the previous week had only been a correction to adjust the prices to the recent announcement on dividends to the shareholders.
The stock had moved down by 5.59% to close at $75.17 on Friday, after the opening price at $78.00 per share. Cytec Industries Inc (NYSE:CYT) had throughout the trading session moved between $75.02 and $75.80 per share and presently has 52 week lowest price at $58.19 and 52 week highest price at $80.27 per share. The market cap of the stock is at $2.75 billion with 36.64 million shares outstanding and 104% institutional ownership of capital. The trading volume on Friday was at 1.66 million shares on the stock and the average level is at 629,697.00 shares per day.