Sturm, Ruger & Company Inc. announced that during the first quarter of 2017 the company repurchased a total of 1.07 million 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 percent 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.
