Smith & Wesson parent American Outdoor Brands Corp. said Wednesday that a new $50 million stock repurchase program was approved, on the same day that it completed its previous $50 million program. The new program runs through March 28, 2019. Since 2012, the guns and firearms accessories maker said it has reduced its public float by 25.6% by buying back a total of 16.9 million shares at an average price of $12.67, which is 48% below Tuesday's closing price of $18.75. The stock, which was indicated up about 0.4% in premarket trade, has tumbled 11% year to date through Tuesday, while the S&P 500 has gained 5.4%.
Continue Reading Below
Copyright © 2017 MarketWatch, Inc.