Smith and Wesson buys back $20 million in shares in less than a month

|

Massachusetts-based Smith and Wesson said Thursday it bought back $20 million in shares since Dec. 6 and its board has authorized another $15 million repurchase program.

Gunmaker shares have been under pressure following a rampage by a gunman in an elementary school in Newtown and calls for stricter regulation on guns. The gunman used a Bushmaster product, but tighter gun control could impact sales of other gunmakers, including the two publicly traded ones, Smith and Wesson and Sturm Ruger of Fairfield. Colt Firearsm, of Hartford, is privately held.

On Dec. 6, before the incident in Newtown, Smith and Wesson announced it was starting a $20 million share buyback program that would last up to June 30, 2013. On Thursday, the company reported it went through its budget and would start a new repurchase program to last through the same date.

Shares of Smith and Wesson were up 3.65 percent to $8.25, while Ruger’s shares were up almost 1 percent to $43.18.

.

Categories: Wall Street
Rob Varnon

Comments are closed.