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CalSTRS announces its exit from certain companies that manufacture firearms.
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The Califrornia State Teachers' Retirement System, the second-largest pension fund in the U.S., announced in an official release that it's going to exit from stocks of certain firearms makers. In particular, this means Smith & Wesson (SWHC 0.02%) and Sturm Ruger (RGR 0.01%).
Although CalSTRS does not hold relatively large stakes in either manufacturer -- it has around $1.1 million worth of the former, and $1.8 million in the latter -- the fund's size and prominence make it likely that the move will be followed by other large financial investors.
The CalSTRS divestment follows a call from California State Treasurer Bill Lockyer to exit from firms that make firearms prohibited by law to be sold or owned in the state.
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