Norway’s Sovereign Fund Increases Tech Stock Holdings
In a pair of recent SEC filings, Norges Bank Investment Management (NBIM), the institutional investor in charge of Norway’s sovereign wealth fund, has significantly increased ownership in two technology companies: Itron Inc. and GT Advanced Technologies Inc.
According to an amended 13G filing made on September 12th, 2013, Norges Bank upped its stake in Itron Inc. to 1,956,728 shares, representing a nearly one million share increase according to a second quarter filing. The aggregate value of the shares totaled US$ 37,683,000 in June of 2013 and nearly US$ 76,980,000 on the date of the purchase on September 11th, 2013. On September 12th, 2013, Itron Inc. announced it would lay off 9% of its staff and consolidate some of its facilities. The move, Itron estimates, will save the company US$ 30 million per annum.
The investor also made a 13G amendment on September 12th, 2013 for a September 5th increase in its holdings of GT Advanced Technologies Inc. According to the filing, Norges Bank augmented its holding from 2,060,168 shares in the second quarter to 6,175,432 on September 5th. The stock has enjoyed a 52.36% increase in price since June of 2013.
Merrimack–based GT Advanced Technologies is a technology company focused on crystal growth equipment for the solar, LED and consumer electronics industries.
Washington-based Itron is a technology company designed to help utilities measure, manage and analyze energy and water.Tweet
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