Gunmaker stocks drop after Dick's Sporting Good bans AR-15 sales -- while Dick's share prices rise
Assault weapon. (Shutterstock)

Gunmaker stock prices fell on Wednesday after Dick's Sporting Goods announced that it would ban the sale of military-style assault rifles.

In a statement this week, Dick's CEO Edward Stack issued a statement saying that "Thoughts and prayers are not enough. ... We will no longer sell assault-style rifles, also referred to as modern sporting rifles."

CNBC reported that shares of top gun makers -- Sturm, Ruger & Co. and American Outdoor Brands -- fell in early trading on Wednesday following the statement.

American Outdoor Brands, which was formally known as Smith & Wesson, fell more than 1 percent, while Sturm, Ruger & Co. was off 0.2 percent.

However, Dick's stock price was up 1.2 percent on Wednesday morning.