SOUTHPORT, Conn.--(BUSINESS WIRE)--Sturm, Ruger & Company, Inc. (NYSE: RGR) announced today that during the first quarter of 2017 the Company repurchased a total of 1,074,285 shares of its common stock in open market transactions at an aggregate cost of $53.4 million. The average price per share repurchased was $49.73. These repurchases, which accounted for 5.7% of the outstanding shares of the Company’s common stock as of December 31, 2016, were funded with cash on hand.
On February 22, 2017, the Company previously announced the repurchase of 633,600 shares of common stock from January 1, 2017 through February 17, 2017. These shares are included in the total repurchases for the first quarter.
At the end of the first quarter, $5.5 million remained authorized and available for share repurchases and 17.7 million shares of common stock remained outstanding.
About Sturm, Ruger
Sturm, Ruger & Co., Inc. is one of the nation’s leading manufacturers of rugged, reliable firearms for the commercial sporting market. As a full-line manufacturer of American-made firearms, Ruger offers consumers over 400 variations of more than 30 product lines. For more than 60 years, Ruger has been a model of corporate and community responsibility. Our motto, “Arms Makers for Responsible Citizens,” echoes the importance of these principles as we work hard to deliver quality and innovative firearms.
The Company may, from time to time, make forward-looking statements and projections concerning future expectations. Such statements are based on current expectations and are subject to certain qualifying risks and uncertainties, such as market demand, sales levels of firearms, anticipated castings sales and earnings, the need for external financing for operations or capital expenditures, the results of pending litigation against the Company, the impact of future firearms control and environmental legislation, and accounting estimates, any one or more of which could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date such forward-looking statements are made or to reflect the occurrence of subsequent unanticipated events.