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NEW YORK ( TheStreet) -- Cytec Industries (NYSE: CYT) hit a new 52-week high Wednesday as it is currently trading at $61.88, above its previous 52-week high of $61.79 with 12,559 shares traded as of 9:45 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 38.1% 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 primarily for aerospace composites, structural adhesives, automotive and industrial coatings, electronics, inks, mining, and plastics markets. The company has a P/E ratio of 17.9, above the average chemicals industry P/E ratio of 11.5 and above the S&P 500 P/E ratio of 17.7.