Gun stocks fall further after Trump tells lawmakers to raise sale age

Victor J. Blue | Bloomberg | Getty Images

Guns sit on display at a Dick’s Sporting Goods Inc. store in Paramus, New Jersey.

Shares of gun makers Sturm, Ruger & Co. and American Outdoor Brands — formerly Smith & Wesson — fell to multiyear lows Wednesday after Dick’s Sporting Goods announced that it will no longer sell assault-style rifles and President Donald Trump renewed his tough talk on guns.

Gun maker shares added to their losses Wednesday afternoon after President Donald Trump renewed calls for stronger background checks in a meeting with Washington legislators and said he would “seriously consider” raising the minimum age required to purchase an assault-style weapon to 21 years of age.

Shares of American Outdoor Brands fell 3.2 percent Wednesday to finish at $9 per share, while Sturm, Ruger & Co. dropped 6.6 percent to finish at $43.05 per share. The closing price for American Outdoor Brands was its lowest since May 2013, while the closing price for Sturm, Ruger was its worst since February 2015.

Trump pointed out that while customers must wait to 21 to purchase a handgun, individuals can still purchase assault-style rifles akin to the one used by the suspect in the Parkland shooting at 18 years of age.

The commander in chief said he told National Rifle Association leaders, including Executive Vice President Wayne LaPierre, “It’s time. We’ve got to stop this nonsense,” in a meeting over the weekend.

Shares of American Outdoor are down more than 11.6 percent since the massacre, while Sturm, Ruger shares are off by more than 11.2 percent.