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NEW YORK ( TheStreet) -- Cytec Industries (NYSE: CYT) hit a new 52-week high Thursday as it is currently trading at $61.62, above its previous 52-week high of $60.24 with 172,506 shares traded as of 9:55 a.m. ET. Average volume has been 579,300 shares over the past 30 days. Cytec has a market cap of $2.46 billion and is part of the basic materials sector and chemicals industry. Shares are up 33.2% year to date as of the close of trading on Wednesday. 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 17.5, above the average chemicals industry P/E ratio of 11.5 and below the S&P 500 P/E ratio of 17.7.