Bill Ackman's Pershing Square Capital Management said in a Tuesday filing with the Securities and Exchange Commission that it has cut its position in Automatic Data Processing Inc. ADP, +1.06% 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, +0.18% 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, -0.07% to 16.4 million shares versus 13.9 million shares previously, and built up a position in Lowe's Companies Inc. LOW, +1.35% of 7.7 million shares. The hedge fund's positions in companies such as Chipotle Mexican Grill Inc. CMG, +1.79% were mostly unchanged.
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