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LSB INDUSTRIES, INC.

(LXU)
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LSB Industries Believes Incorrect Information in NYSE Group Info Notice Led to Stock Price Adjustment

10/13/2021 | 02:49pm EST

By Josh Beckerman

LSB Industries Inc., which was halted on the New York Stock Exchange for several hours Tuesday, believes incorrect information about a special stock dividend in an NYSE Group Info Notice led to a 30% downward adjustment to its Monday closing stock price.

In September, the maker of agricultural, industrial and mining chemicals completed a transaction that included Eldridge Industries LLC converting preferred stock into common shares. LSB paid a special stock dividend last week.

LSB said Tuesday afternoon that it was working with the NYSE to address the price adjustment. It said Wednesday that the Group Info Notice incorrectly said the dividend applied to about 79.4 million shares, but that it actually applied to only about 30.4 million shares, as the roughly 49.1 million shares issued to an Eldridge affiliate weren't issued before the record date. The NYSE issued a correct notice on Tuesday, according to LSB.

The NYSE didn't immediately respond to a request for comment.

LSB said last month that, after the exchange and dividend, Eldridge would own about a 61% stake. S&P Global said it expected the transaction "will lead to a significant improvement in LSB's credit metrics and provide the company with additional financial flexibility."

LSB shares were recently down 4% to $9.34.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

10-13-21 1449ET

Stocks mentioned in the article
ChangeLast1st jan.
INTERCONTINENTAL EXCHANGE, INC. -1.96% 129.68 Delayed Quote.12.48%
LSB INDUSTRIES, INC. -2.50% 10.12 Delayed Quote.288.08%
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Financials (USD)
Sales 2021 546 M - -
Net income 2021 -229 M - -
Net Debt 2021 433 M - -
P/E ratio 2021 -1,58x
Yield 2021 -
Capitalization 899 M 899 M -
EV / Sales 2021 2,44x
EV / Sales 2022 2,32x
Nbr of Employees 573
Free-Float 89,9%
Chart LSB INDUSTRIES, INC.
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LSB Industries, Inc. Technical Analysis Chart | LXU | US5021601043 | MarketScreener
Technical analysis trends LSB INDUSTRIES, INC.
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 1
Last Close Price 10,12 $
Average target price 12,75 $
Spread / Average Target 26,0%
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Managers and Directors
Mark T. Behrman President, Chief Executive Officer & Director
Cheryl Maguire Chief Financial Officer & Executive Vice President
Richard W. Roedel Chairman
Travis Paulson Vice President-Information Technology
Richard S. Sanders Independent Director
Sector and Competitors