Pershing Square, Third Point Cut Stakes in United Technologies

SEC filings have revealed the latest hedge fund Q2 moves.

Hedge fund Third Point has joined Pershing Square Capital by cutting its stake in United Technologies, according to the firm’s latest 13-F filings with the SEC. Dan Loeb’s shop sold 480,000 UTX shares and still holds 6 million shares.

Third Point bolter its stake in Netflix and piled into a string of IPO stocks like Tradeweb Markets, Twilio, and Pinterest.

Third Point also liquidated its stake in American Express, Celgene, Constellation Brands, and DuPont de Nemours.

Hedge Fund Q2 Moves: Third Point Buys IPO Stocks

Third Point reduced its stake in United Technologies by 7% in the second quarter. The defense contractor remains 9% of Third Point’s holdings.

The hedge fund’s leader Dan Loeb has been critical of the planned merger between

United Technologies and Raytheon. In June, Loeb called the proposed merger a “baffling change” in its corporate direction.

Third Point join’s Bill Ackman’s shop in limiting its exposure to United Technologies. Pershing Square Capital announced last week that it would rather dump its stake than fight the battle against the board of directors. Pershing sold all 5.8 million shares of UTX in its portfolio.

As we noted, Pershing had also cut its position in payroll processor ADP. The firm allocated its proceeds to an unidentified investment that will be revealed when its next SEC 13-Fs are released. Tomorrow, we will see a significant round of quarterly releases.