Inclusion in widely followed index expected to increase visibility with institutional investors and improve trading liquidity
PHOENIX, June 29, 2020 /PRNewswire/ -- Universal Technical Institute, Inc. (NYSE: UTI), the nation's leading provider of transportation technician training, today announced its addition to the broad-market Russell 3000 Index. UTI's inclusion occurred as part of the annual reconstitution by FTSE Russell of its U.S. equity indexes and will become effective today upon the opening of the U.S. stock market.
"Our inclusion on the Russell 3000 index reflects the progress our team has made in implementing our growth and transformation initiatives while continuing to deliver strong outcomes for our students and serve employers' growing demand for skilled technicians," said Jerome A. Grant, Chief Executive Officer. "We believe our inclusion will enhance our visibility with the institutional investment community and positively impact the liquidity of our stock. This membership supports our strategy and commitment to quality education and building shareholder value and is an important milestone for our organization."
The Russell US Indexes are widely used by investment managers and institutional investors for passive funds and investment products and as benchmarks for active investment strategies. Approximately $9 trillion in assets are benchmarked against Russell US Indexes. Russell U.S. Indexes are part of FTSE Russell's suite of index offerings.
About Universal Technical Institute, Inc.
With more than 220,000 graduates in its 54-year history, Universal Technical Institute, Inc. (NYSE: UTI) is the nation's leading provider of technical training for automotive, diesel, collision repair, motorcycle and marine technicians, and offers welding technology and computer numerical control (CNC) machining programs. The company has built partnerships with industry leaders, outfits its state-of-the-industry facilities with current technology, and delivers training that is aligned with employer needs. Through its network of 13 campuses nationwide, UTI offers post-secondary programs under the banner of several well-known brands, including Universal Technical Institute, Motorcycle Mechanics Institute and Marine Mechanics Institute (MMI) and NASCAR Technical Institute (NASCAR Tech). The company is headquartered in Phoenix, Arizona.
About FTSE Russell
FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.
FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $16 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.
A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.
FTSE Russell is wholly owned by the London Stock Exchange Group.
For more information, visit www.ftserussell.com
VP, Communications and Public Affairs
Universal Technical Institute
Investor Relations Contact:
Robert Winters or Brooks Hamilton
Alpha IR Group
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SOURCE Universal Technical Institute, Inc.