Traders Michael Milano, left, and Patrick Casey work on the floor of the New York Stock Exchange, Friday, Feb. 23, 2018. (AP Photo/Richard Drew)
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Then, the investment giant BlackRock Inc. said it was exploring ways to cull gun companies from the portfolios of clients who no longer wish to invest in them.Some major endowments, such as the $10 billion University of California fund, sold guns stocks after the 2012 Sandy Hook school shooting in Connecticut, which prompted calls for more gun control.It isn't clear how many of the NRA's nearly 5 million members hold the credit card.Still, that might not depress gun stocks given other investors will probably still be willing to buy them.Some institutions, such as BlackRock, which manages $6.3 trillion, are privately contacting gun companies to make their case.BlackRock is largest holder of the three companies where the proposals have been filed: Dick's Sporting goods, with 8.4 percent; Sturm Ruger, with almost 17 percent; and American Outdoor Brands, with 11.11 percent.The financial stakes held by teacher pension funds in gun companies, like those of other equities, each represent only a sliver of the multibillion-dollar state retirement systems' investments, according to a Bloomberg analysis.
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