Five months after the Sandy Hook shootings sent Wall Street scrambling away from anything having anything to do with guns, investors are starting to return to the sector. Last week, ATK  (UNKNOWN:ATK.DL) announced a deal to buy Savage Arms owner Caliber Co. for $315 million cash.

But issues of gun control and gun regulation aside, is this a good deal for ATK shareholders? Fool.com contributor Rich Smith doesn't think so. Among gun companies, he thinks either Smith & Wesson (NASDAQ:AOBC) or Sturm, Ruger (NYSE:RGR) are better bargains. And in ATK's case, there's a good case to be made against buying any gun companies at all...