BlackRock Appears Concerned About Gun Makers (Wink-Wink)

(RTTNews) - BlackRock Inc. (BLK), the world's largest asset manager, said it plans to speak with gun makers and distributors following public outcry after the Florida high school shooting that killed 17 people.

BlackRock, which had $6.3 trillion in assets under management as of December 31, 2017, holds shares in gun makers Sturm Ruger & Co. Inc. (RGR) as well as American Outdoor Brands Corp. (AOBC).

BlackRock indirectly owns shares in the two companies through the exchange-traded funds under the company's iShares umbrella. These funds track indexes such as the S&P 500.

Thus, the company is seen as being able to exert some pressure on the index providers to remove the gun makers from their listings.

However, BlackRock said it cannot sell shares of a company in an index due to its fiduciary responsibilities.

"We focus on engaging with the company and understanding how they are responding to society's expectations of them," BlackRock spokesman Ed Sweeney said.

Shares of both gun makers gained on Thursday after President Donald Trump said Thursday that he does not want to ban the sale of an entire class of firearms. However, Trump has signed an order to propose regulation that bans bump-stock devices - accessories that can turn a semi-automatic weapon into an automatic one.

Several members of the U.S. Congress have called for gun control in the wake of the Florida high school shooting.

Lawmakers who tweeted their condolences over the shooting were criticized on social media. Screenwriter Bess Kalb, who writes for Jimmy Kimmel Live, singled out condoling senators by responding with the amount of money they have received from the National Rifle Association or NRA.