Norges Bank acquired a new stake in General Motors valued at approximately $918.7 million. This purchase of 11.3 million shares gives the Norwegian sovereign wealth fund a 1.25% holding in the automaker. Total institutional ownership in the company has reached 92.67%. Other major firms, including Viking Global and Two Sigma, also recently increased their positions.
The investment follows a quarterly earnings report where General Motors posted an EPS of $3.70. This performance surpassed consensus estimates. Recent insider sales by executives were conducted under pre-arranged trading plans. Analysts currently maintain a Moderate Buy consensus on the stock.