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SMITH & WESSON BRANDS, INC.

(SWBI)
  Report
Delayed Nasdaq  -  04:00 2022-09-23 pm EDT
10.35 USD   +0.19%
09/21SMITH & WESSON BRANDS, INC. : Ex-dividend day for
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09/13SMITH & WESSON BRANDS : Submission of Matters to a Vote of Security Holders - Form 8-K
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09/13SMITH & WESSON BRANDS, INC. : Submission of Matters to a Vote of Security Holders (form 8-K)
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U.S. panel subpoenas Smith & Wesson over assault rifle data

08/02/2022 | 06:52am EDT

WASHINGTON, Aug 2 (Reuters) - The U.S. House Oversight Committee has subpoenaed Smith & Wesson Brands Inc for information on its AR-15 style firearms sales and marketing after the gunmaker's chief executive refused to appear before lawmakers last month, it said in a statement.

The panel, led by Democratic U.S. Representative Carolyn Maloney, cited incomplete data and gaps in the company's metrics in seeking documents from the firearms manufacturer, citing a copy of the letter notifying CEO Mark Smith of the congressional summons.

"This subpoena was made necessary by your unwillingness to voluntarily comply with the Committee’s investigation, including your refusal to testify about your company’s troubling business practices ... and your refusal to voluntarily produce key information about your company’s sale of assault weapons to civilians," Maloney wrote in a letter to Smith.

Representatives for Smith & Wesson did not immediately respond to a request for comment on the subpoena, first reported by the Washington Post.

The panel had summoned Smith along with the CEOs of Sturm, Ruger & Co and privately held Daniel Defense to appear July 27 following a string of mass shootings as U.S. lawmakers grappled for ways to address America's gun violence.

At the hearing, lawmakers pressed the two CEOs who did appear for details on the marketing of assault-style weapons used in recent shootings at a Texas elementary school, a New York grocery store and a Illinois Independence Day parade.

Maloney on Tuesday said Smith & Wesson's Smith initially agreed to appear voluntarily but then "abruptly withdrew" five days before the hearing.

The U.S. House of Representatives on Friday passed a bill that would ban assault-style rifles but the legislation is likely to face defeat in the 50-50 divided Senate where it would need 60 votes to move forward.

Congress, however, in June did approve a bipartisan bill with some more modest safety measures including tougher background checks. U.S. President Joe Biden signed it into law June 25. (Reporting by Susan Heavey; Editing by Andrew Cawthorne, Bernadette Baum and Louise Heavens)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
SMITH & WESSON BRANDS, INC. 0.19% 10.35 Delayed Quote.-41.85%
STURM, RUGER & COMPANY, INC. 0.69% 51.16 Delayed Quote.-24.79%
All news about SMITH & WESSON BRANDS, INC.
09/21SMITH & WESSON BRANDS, INC. : Ex-dividend day for
FA
09/13SMITH & WESSON BRANDS : Submission of Matters to a Vote of Security Holders - Form 8-K
PU
09/13SMITH & WESSON BRANDS, INC. : Submission of Matters to a Vote of Security Holders (form 8-..
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09/09Lake Street Adjusts Smith & Wesson Brands Price Target to $22 From $26, Maintains Buy R..
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09/08TRANSCRIPT : Smith & Wesson Brands, Inc., Q1 2023 Earnings Call, Sep 08, 2022
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09/08Smith & Wesson Brands Posts Sharply Lower Q1 Results -- Stock Sinks 10% After-Hours
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Financials (USD)
Sales 2023 587 M - -
Net income 2023 75,7 M - -
Net Debt 2023 - - -
P/E ratio 2023 6,31x
Yield 2023 -
Capitalization 474 M 474 M -
Capi. / Sales 2023 0,81x
Capi. / Sales 2024 0,78x
Nbr of Employees 1 719
Free-Float 60,1%
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Technical analysis trends SMITH & WESSON BRANDS, INC.
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Mean consensus BUY
Number of Analysts 3
Last Close Price 10,35 $
Average target price 21,00 $
Spread / Average Target 103%
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Managers and Directors
Mark P. Smith President, Chief Executive Officer & Director
Deana L. McPherson Chief Financial Officer, Treasurer & Executive VP
Robert L. Scott Chairman
Kevin Alden Maxwell Secretary, Chief Compliance Officer & Senior VP
John B. Furman Independent Director
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