This March boasted the tenth most FBI firearm background checks (2,433,092) of any month in the 19-year history of the National Instant Criminal Background Check System — and gun stock investors liked what they saw.

Sturm Ruger & Company Inc (NYSE: RGR) popped 5.5 percent and American Outdoor Brands Corp (NASDAQ: AOBC) 5.2 percent on the report released Monday.

Gun stocks have traditionally moved on this particular news item with a positive correlation between heightened background checks and rising stock value. More checks generally mean more purchases, which mean greater profits for gun sellers and manufacturers.

Lock, Stock & One Smoking Business

With the exception of 2014, background checks have steadily increased year over year, and the total 2016 figures exceeded the previous season by 2.9 million checks and the previous annual record by more than 1.5 million. This March posted the third consecutive month of expansion despite a year-over-year decline.

While Sturm Ruger and American Outdoor boasted gains from the news, not all gun-related businesses profited. Vista Outdoor Inc (NYSE: VSTO) traded down as much as 1.9 percent and appeared to keep falling at the time of publication.

Related Links:

Gun Stocks In The Cross-Hairs Ahead Of FBI Background Check Data

NICS Firearm Background Checks Continue To Ramp In October

FBI Explains Why Firearm Background Checks Were Unusually Low In August