<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>15 - Disclosure - STOCK REPURCHASES</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2011 - 4/2/2011
USD ($)

USD ($) / shares

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>Context_3ME_02-Apr-2011</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000095029</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2011-04-02T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>USDEPS</UnitID><UnitType>Divide</UnitType><NumeratorMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></NumeratorMeasure><DenominatorMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></DenominatorMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="3 Months Ended" /><Label Id="2" Label="Apr. 02, 2011" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>rgr_StockRepurchasesAbstract</ElementName><ElementPrefix>rgr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>Stock Repurchases</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Stock Repurchases</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Stock Repurchases [Abstract]</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_ScheduleOfTreasuryStockByClassTextBlock</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font-style:times new roman;font-size:10pt;text-align:left;"&gt;NOTE 8 - STOCK REPURCHASES&lt;/p&gt;
&lt;p style="font-style:times new roman;font-size:10pt;text-align:left; text-indent:25px;"&gt;In the first quarter of 2011 the Company repurchased shares of its common stock. Details of these purchases are as follows:&lt;/p&gt;
&lt;table border="0" cellspacing="0" width="100%"&gt;
&lt;tr&gt;
&lt;td width="40%" style="vertical-align:bottom; border-top:1px solid black; border-bottom:1px solid black; border-right:1px solid black;"&gt;
&lt;p style="font-style:times new roman;font-size:10pt;text-align:left;"&gt;Period&lt;/p&gt;
	&lt;/td&gt;
	&lt;td width="15%" style="vertical-align:bottom; border-top:1px solid black;border-bottom:1px solid black; border-right:1px solid black;"&gt;
&lt;p style="font-style:times new roman;font-size:10pt;text-align:center;"&gt;Total Number of Shares Purchased&lt;/p&gt;
	&lt;/td&gt;
	&lt;td width="15%" colspan="2" style="vertical-align:bottom; border-top:1px solid black;border-bottom:1px solid black; border-right:1px solid black;"&gt;
&lt;p style="font-style:times new roman;font-size:10pt;text-align:center;"&gt;Average Price Paid Per Share&lt;/p&gt;
	&lt;/td&gt;
	&lt;td width="15%" style="vertical-align:bottom; border-top:1px solid black;border-bottom:1px solid black; border-right:1px solid black;"&gt;
&lt;p style="font-style:times new roman;font-size:10pt;text-align:center;"&gt;Total Number of Shares Purchased as Part of Publicly Announced Program&lt;/p&gt;
	&lt;/td&gt;
	&lt;td width="15%" colspan="2" style="vertical-align:bottom; border-top:1px solid black;border-bottom:1px solid black; border-right:1px solid black;"&gt;
&lt;p style="font-style:times new roman;font-size:10pt;text-align:center;"&gt;Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program&lt;/p&gt;
	&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
	&lt;td style="vertical-align:top; border-bottom:1px solid black; border-right:1px solid black;"&gt;
&lt;p style="font-style:times new roman;font-size:10pt;text-align:left;"&gt;1/4/11-1/29/11&lt;/p&gt;
	&lt;/td&gt;
	&lt;td style="vertical-align:top; border-bottom:1px solid black; border-right:1px solid black;"&gt;
&lt;p style="font-style:times new roman;font-size:10pt;text-align:right;"&gt;133,400&lt;/p&gt;
	&lt;/td&gt;
	&lt;td style="vertical-align:bottom;text-align:right;border-bottom:1px solid black;"&gt;&lt;p style="font-style:times new roman;font-size:10pt;text-align:right;"&gt;$&lt;/p&gt;&lt;/td&gt;
	&lt;td style="vertical-align:top; border-bottom:1px solid black; border-right:1px solid black;"&gt;
&lt;p style="font-style:times new roman;font-size:10pt;text-align:right;"&gt;14.94&lt;/p&gt;
	&lt;/td&gt;
	&lt;td style="vertical-align:top; border-bottom:1px solid black; border-right:1px solid black;"&gt;
&lt;p style="font-style:times new roman;font-size:10pt;text-align:right;"&gt;133,400&lt;/p&gt;
	&lt;/td&gt;
	&lt;td colspan="2" style="vertical-align:top; border-bottom:1px solid black; border-right:1px solid black;"&gt;
&lt;p style="font-style:times new roman;font-size:10pt;text-align:right;"&gt;&amp;#160;&lt;/p&gt;
	&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color:#c0c0c0;"&gt;
	&lt;td style="vertical-align:top; border-bottom:2px double black; border-right:1px solid black;"&gt;
&lt;p style="font-style:times new roman;font-size:10pt;text-align:left;"&gt;Total&lt;/p&gt;
	&lt;/td&gt;
	&lt;td style="vertical-align:top; border-bottom:2px double black; border-right:1px solid black;"&gt;
&lt;p style="font-style:times new roman;font-size:10pt;text-align:right;"&gt;133,400&lt;/p&gt;
	&lt;/td&gt;
	&lt;td style="vertical-align:bottom;text-align:right;border-bottom:2px double black;"&gt;&lt;p style="font-style:times new roman;font-size:10pt;text-align:right;"&gt;$&lt;/p&gt;&lt;/td&gt;
	&lt;td style="vertical-align:top; border-bottom:2px double black; border-right:1px solid black;"&gt;
&lt;p style="font-style:times new roman;font-size:10pt;text-align:right;"&gt;14.94&lt;/p&gt;
	&lt;/td&gt;
	&lt;td style="vertical-align:top; border-bottom:2px double black; border-right:1px solid black;"&gt;
&lt;p style="font-style:times new roman;font-size:10pt;text-align:right;"&gt;133,400&lt;/p&gt;
	&lt;/td&gt;
&lt;td style="vertical-align:bottom;text-align:right;border-bottom:2px double black;"&gt;&lt;p style="font-style:times new roman;font-size:10pt;text-align:right;"&gt;$&lt;/p&gt;&lt;/td&gt;
	&lt;td style="vertical-align:top; border-bottom:2px double black; border-right:1px solid black;"&gt;
&lt;p style="font-style:times new roman;font-size:10pt;text-align:right;"&gt;8,000,000&lt;/p&gt;
	&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font-style:times new roman;font-size:10pt;text-align:left; text-indent:25px;"&gt;These purchases were made with cash held by the Company and no debt was incurred.&lt;/p&gt;</NonNumbericText><NonNumericTextHeader>NOTE 8 - STOCK REPURCHASES
In the first quarter of 2011 the Company repurchased shares of its common stock. Details of these purchases are as</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>This element may be used to capture the complete disclosure pertaining to an entity's treasury stock, including the average cost per share, carrying basis for each class of treasury stock, description of share repurchase program authorized by an entity's Board of Directors, the treatment of the purchase price in excess of the current market value, number of shares held for each class of treasury stock, and other information necessary to a fair presentation.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>STOCK REPURCHASES</Label></Row></Rows><Footnotes /><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows><ReportName>STOCK REPURCHASES</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
