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NEW YORK ( TheStreet) -- Solutia (NYSE: SOA) hit a new 52-week high Friday as it is currently trading at $27.98, above its previous 52-week high of $27.89 with 1.2 million shares traded as of 10:05 a.m. ET. Average volume has been 1.3 million shares over the past 30 days. Solutia has a market cap of $2.37 billion and is part of the basic materials sector and chemicals industry. Shares are up 61% year to date as of the close of trading on Thursday. Solutia Inc. engages in the manufacture and marketing of performance materials and specialty chemicals used in a range of consumer and industrial applications. It operates in three segments: Advanced Interlayers, Performance Films, and Technical Specialties. The company has a P/E ratio of 12.8, above the average chemicals industry P/E ratio of 9.2 and below the S&P 500 P/E ratio of 17.7.