Smith & Wesson (SWHC) Nearly Doubles Buyback After December Sell Off
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Smith & Wesson (Nasdaq: SWHC) stock is higher on the session following the earlier announcement that it would be expanding its share repurchase program by $15 million, with the program running through June 30, 2013. Net cash increased just $4.6 million in the latest quarter for the Company.
What's notable about today's announcement is that it comes just weeks following a prior $20 million authorization. Announced on December 6, 2012, that buyback plan was also expected to run through June 30, 2013. However, it appears that management was playing a little defense following the tragic events at Sandy Hook Elementary in Newtown, CT, on December 14th, saying that that authorization was nearly complete.
Along with Smith & Wesson, Strum Ruger (NYSE: RGR) sank as sentiment behind firearms and ammunition makers faded. Ruger hasn't announced a buyback plan, but the company did declare a $4.50 per share special dividend in November, which was payable December 21st.
Smith & Wesson is down 13 percent and Ruger is off about 9 percent since December 14th.
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What's notable about today's announcement is that it comes just weeks following a prior $20 million authorization. Announced on December 6, 2012, that buyback plan was also expected to run through June 30, 2013. However, it appears that management was playing a little defense following the tragic events at Sandy Hook Elementary in Newtown, CT, on December 14th, saying that that authorization was nearly complete.
Along with Smith & Wesson, Strum Ruger (NYSE: RGR) sank as sentiment behind firearms and ammunition makers faded. Ruger hasn't announced a buyback plan, but the company did declare a $4.50 per share special dividend in November, which was payable December 21st.
Smith & Wesson is down 13 percent and Ruger is off about 9 percent since December 14th.
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