NEW YORK ( TheStreet) -- David Peltier of TheStreet looked at a high-flying dividend payer you might not expect -- gun maker, Sturm, Ruger & Company ( RGR).

Peltier said investors will quickly notice the stock is up over 20% from the start of the year and will also notice the company's lofty 4.7% dividend yield, which is double that of the average company in the S&P 500 and 200 basis points higher than the 10-year Treasury yield.

With strong guns sales in 2013, Sturm, Ruger is expected to earn about $5 per share in earnings, enough to cover the current dividend payout two times over, Peltier said.

However, sales are expected to decline by 30% in 2014, which could potentially crimp any future dividend raises over that time. For this reason, Peltier suggests waiting for a pullback below $50 per share, a decline of roughly 10%.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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