American Outdoor Brands (AOBC) - Get Report, the parent company of Smith & Wesson, announced today that a new $50 million stock buyback program has been approved.

The new program, which follows the firm's previous program that ended today, will extend through March 28, 2019.

The firearms manufacturer said that it has reduced its float by 25.6% by buying back a total of 16.9 million shares at the average price of $12.67.