Addition is part of Russell indexes' annual
reconstitution and reflects strong business performance and value
creation from the Company's growth and diversification
PHOENIX, June 27,
2022 /PRNewswire/ -- Universal
Technical Institute (UTI) (NYSE: UTI) has re-joined the
broad-market Russell 3000® Index at the conclusion
of the 2022 Russell indexes annual reconstitution, effective after
the US market opens today.
Annual Russell indexes reconstitution captures the 4,000 largest
US stocks as of May 6, ranking them
by total market capitalization. Membership in the US all-cap
Russell 3000® Index, which remains in place for one
year, means automatic inclusion in the large-cap Russell
1000® Index or small-cap Russell 2000®
Index as well as the appropriate growth and value style indexes.
FTSE Russell determines membership for its Russell indexes
primarily by objective, market-capitalization rankings and style
"Being added to the Russell 3000
marks another significant milestone as we continue to
execute on our growth and diversification strategy. This further
elucidates our ongoing strong performance and our continued
commitment to creating shareholder value," said UTI CEO
Jerome Grant. "With the recent
announcement of our MIAT College of Technology program expansion to
UTI campuses, launching two new campuses this year in Austin, Texas, and Miramar, Fla., and the future expansion into
healthcare education through the pending acquisition of Concorde
Career Colleges, we are able to not only increase program offerings
at our existing campuses but also increase the size of our
addressable market, by making more programs available to a broader
array of students. Our focus on strong student outcomes and
employment drives our efforts, while our industry partners and
investors also realize the benefits."
"With the addition of Concorde and the broadening of our program
offerings, we will accelerate Universal
Technical Institute's revenue, profitability, and cash flow
growth over the next several years," said UTI CFO Troy Anderson. "Including the Concorde
acquisition, Universal Technical
Institute's longer-term strategic roadmap estimates fiscal
2025 revenue of more than $700
million and an adjusted EBITDA margin of approximately 20%.
Being listed in the Russell 3000 Index includes Universal Technical Institute in the ranks of other
great companies and improves our exposure to an even broader
investor base with whom to share our exciting growth story."
Russell indexes are widely used by investment managers and
institutional investors for index funds and as benchmarks for
active investment strategies. Approximately $12 trillion in assets are benchmarked against
Russell's US indexes. Russell indexes are part of FTSE Russell, a
leading global index provider.
For more information on the Russell 3000® Index and
the Russell indexes reconstitution, go to the "Russell
Reconstitution" section on the FTSE Russell website. For UTI's
latest investor information and presentations, visit
About Universal Technical Institute, Inc.
in 1965 and headquartered in Phoenix, Universal Technical
Institute's (NYSE: UTI) mission is to serve our students,
partners, and communities by providing quality education and
support services for in-demand careers. Approximately 250,000
students have graduated from one of UTI's 15 campuses located
across Arizona, California, Florida, Illinois, Michigan, North
New Jersey, and Texas. UTI's campuses are accredited by the
Accrediting Commission of Career Schools and Colleges (ACCSC),
while its employer-aligned technical training programs are offered
under four brands: Universal Technical Institute, Motorcycle
Mechanics Institute / Marine Mechanics Institute, NASCAR Technical
Institute, and MIAT College of Technology. For more information and
a complete list of all programs offered, please
visit www.uti.edu or follow on LinkedIn
@UniversalTechnicalInstitute and on Twitter @news_UTI.
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
FTSE Russell index expertise and products are used extensively
by institutional and retail investors globally. Approximately
$20 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 London Stock Exchange Group.
For more information, visit www.ftserussell.com.
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SOURCE Universal Technical