NEW YORK ( TheStreet) -- Cytec Industries (NYSE: CYT) is trading at unusually high volume Wednesday with 2.3 million shares changing hands. It is currently at four times its average daily volume and trading up $5.26 (+10.5%) at $55.12 as of 12:20 p.m. ET. Cytec has a market cap of $2.46 billion and is part of the basic materials sector and chemicals industry. Shares are up 11.7% year to date as of the close of trading on Tuesday. Cytec Industries Inc., a specialty chemicals and materials company, engages in developing, manufacturing, and selling chemical products worldwide. The company has a P/E ratio of 15.3, above the average chemicals industry P/E ratio of 11.5 and below the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Cytec as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, attractive valuation levels and compelling growth in net income. We feel these strengths outweigh the fact that the company shows low profit margins. You can view the full Cytec Ratings Report. See all heavy volume stocks in our stocks moving on unusual volume list or get investment ideas from our investment research center. Interested in other stocks that are rising on unusually high volume? Get free SMS text alerts sent to you when the action happens by texting HVUP to 95370 or select from multiple alert options.