Bill Ackman's Pershing Square Cuts Stake In ADP

(RTTNews) - Bill Ackman's Pershing Square Capital Management disclosed in a filing with the Securities and Exchange Commission that it has cut its position in Automatic Data Processing Inc. (ADP) to 4.2 million shares at the end of June from 8.8 million shares at the end of March.

Ackman had built up a stake in ADP as a part of his failed proxy battle, where he attempted to secure three seats on the board.

Pershing has built a position in United Technologies Corp. (UTX) of 4.5 million shares at the end of June. Ackman has previously called for the breakup of United Technologies. Pershing also said it had upped its stake in Mondelez International Inc. (MDLZ) to 16.4 million shares versus 13.9 million shares previously, and built up a position in Lowe's Companies Inc. (LOW) of 7.7 million shares. The hedge fund's positions in companies such as Chipotle Mexican Grill Inc. (CMG) were mostly unchanged.