No.
From AFI 36-2903, Table 5.1:
Small Arms Expert Marksmanship Ribbon (SAEMR): Award to Air Force personnel, including Reservists who, after 1 January 1963, qualify as "expert" with either the M16 rifle or issue handgun on the Air Force qualification course or the appropriate orientation course prescribed in AFIs, or who satisfactorily complete the Combat Rifle Program. (See note 7.)
Note 7: Award ribbon only once no matter how many times an individual scores "expert." Add bronze service star to the ribbon for those personnel who, after 22 June 1972, meet the award criteria with both the M16 rifle and issue handgun. Add only one star regardless of the number of times a person qualifies with both weapons. Use AF Form 522, USAF Ground Weapons Training Data or letter from the Small Arms
Marksmanship Monitor as the source document for this award.