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NEW YORK ( TheStreet) -- OM Group (NYSE: OMG) hit a new 52-week high Wednesday as it is currently trading at $40.21, above its previous 52-week high of $40.10 with 126,496 shares traded as of 12:16 p.m. ET. Average volume has been 261,900 shares over the past 30 days. OM Group has a market cap of $1.2 billion and is part of the basic materials sector and chemicals industry. Shares are up 2.8% year to date as of the close of trading on Tuesday. OM Group, Inc. engages in the development, production, and marketing of specialty chemicals and advanced materials to complex chemical and industrial processes worldwide. The company operates in two segments: Advanced Materials and Specialty Chemicals. The company has a P/E ratio of 13, equal to the average chemicals industry P/E ratio and below the S&P 500 P/E ratio of 17.7.