RBC Trims Stake in AECOM, Maintains 'Outperform' Rating

Financial news indicates that Royal Bank of Canada (RBC) recently reduced its stake in AECOM, Inc. (NYSE:ACM) by selling 31,591 shares during the first quarter.

The company's holdings in AECOM were valued at $4,201,000 after the sale, representing a 39% decrease from their previous position.

This move is part of a larger trend where institutional investors have been adjusting their positions in the construction company. For instance, Orion Porfolio Solutions LLC increased its stake in AECOM by 28,246.5% during the second quarter, owning approximately $602 million worth of shares after purchasing an additional 5,316,844 shares.

Despite these changes, RBC maintained an 'outperform' rating on AECOM's stock despite reducing their price target to $90 from $105, implying a potential upside of roughly 41.5% from the current share price.