Exploring AECOM (ACM) Investor Profile: Who’s Buying and Why?

You're looking at AECOM (ACM) and asking the right question: why is the smart money so heavily committed to an infrastructure play right now? Honestly, the answer is in the numbers, which tell a story of execution, not just macro-tailwinds. Institutional investors, the big guns like BlackRock, Inc. and The Vanguard Group, Inc., collectively own a massive 89% of the company, a defintely strong signal. BlackRock, Inc. alone held over 14.68 million shares as of late Q3 2025, and the reason for this conviction is clear: AECOM is delivering on its high-margin strategy. You see it in the record total backlog of $24.588 billion reported in Q3 fiscal 2025, which is up 5% year-over-year, and in the segment adjusted operating margin hitting an all-time high of 17.1%. With full-year adjusted EPS guidance raised to a range of $5.20 to $5.30, representing a 16% increase at the midpoint, the institutional buyers are essentially betting on continued superior project execution and the secular boom in infrastructure spending. But what does the recent trading-like the 311 institutions increasing their positions versus the 295 that decreased-tell us about the near-term risk/reward balance?

Who Invests in AECOM (ACM) and Why?

The investor profile for AECOM (ACM) is overwhelmingly dominated by institutional money, which signals a high degree of confidence from professional, long-term asset managers. As of late 2025, institutional investors-think massive mutual funds, pension funds, and endowments-hold approximately 89% of the company's shares outstanding. This means the stock price is defintely sensitive to the trading decisions of these large players.

The general public, or retail investors, account for a smaller, but still significant, portion of ownership, holding around 10% of the stock. Interestingly, hedge funds do not hold a meaningful position in AECOM, which suggests the stock is less of a short-term, event-driven trading vehicle and more of a long-term, fundamental value or growth play.

• BlackRock, Inc. is the largest shareholder, holding about 11.09% of shares.
• Vanguard Group Inc, a major index fund manager, is the second largest, with roughly 9.45% ownership.
• The top 14 shareholders combined own about 50% of the business, showing concentration among a few big institutions.

Investment Motivations: Growth, Margin, and Backlog

Investors are primarily attracted to AECOM (ACM) for its compelling blend of predictable growth, expanding margins, and a record-high project backlog that provides clear revenue visibility. This is a growth story grounded in global secular megatrends (long-term, large-scale shifts) like infrastructure modernization, sustainability, resilience, and energy transition.

The company's financial guidance for fiscal year 2025 reinforces this thesis. Management has raised its outlook multiple times this year, now expecting full-year adjusted earnings per share (EPS) to increase by 16% at the midpoint, and adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) to grow by 10% at the midpoint. Here's the quick math on profitability: the segment adjusted operating margin is expected to reach 16.5%, a significant 70-basis-point increase over the prior year. That margin expansion is a huge draw for investors.

AECOM's dividend is also a factor, though it's not the main driver. The company recently declared a quarterly dividend of $0.26 per share, which annualizes to $1.04 per share. This provides a modest yield of about 0.8%, making it a secondary consideration for income-focused investors, but a nice complement to the strong growth.

Strategies: Long-Term Growth and Value-Oriented Holding

The dominant institutional ownership points to two primary investment strategies at play: long-term growth and value-oriented holding.

For firms like Vanguard and BlackRock, a large portion of their holding is passive, meaning they are simply tracking major indexes like the S&P 500. Their presence confirms AECOM's status as a core component of the US equity market. However, the active managers among the institutional holders are clearly pursuing a Growth Investing strategy, betting on the company's ability to convert its record backlog into future revenue and profit. The high win rate-over 80% on its largest pursuits-gives them confidence in this long-term revenue stream.

On the other hand, the stock also appeals to Value Investing principles. As of October 2025, AECOM trades at a price-to-earnings (P/E) ratio of approximately 26x. To be fair, this is well below the US Construction industry average of 36.1x, suggesting the stock is undervalued relative to its peers despite the strong growth forecast. What this estimate hides is the market's discount for reliance on government contracts and the cyclical nature of infrastructure spending, but the current valuation still offers an attractive entry point for value-conscious buyers.

The company's commitment to generating 100%+ free cash flow conversion also attracts investors who focus on cash generation, a key metric for financial health. This cash is then often used for share repurchases, which boosts EPS and provides another layer of shareholder return. You can get more detail on the firm's strategic direction at Mission Statement, Vision, & Core Values of AECOM (ACM).

Institutional Ownership and Major Shareholders of AECOM (ACM)

The short answer is that AECOM (ACM) is overwhelmingly owned by professional money managers, and they've been net buyers this year. With institutional ownership hovering between 85.41% and 89% of the company, their trading decisions are the primary driver of the stock price, and they hold significant sway over corporate strategy.

Top Institutional Investors and Their Stakes

When you look at who is buying AECOM, you see the biggest names in asset management. This high concentration of institutional capital, which includes mutual funds, pension funds, and endowments, is often interpreted as a strong vote of confidence in the company's long-term strategy, especially its focus on infrastructure and sustainability.

The single largest shareholder is BlackRock, Inc., which holds approximately 12% of AECOM's shares outstanding. This is a massive position. The next two largest shareholders hold significant stakes as well, at 9.5% and 6.7% respectively. Here's the quick math: the top 14 shareholders alone control about 50% of the entire business, which means they have a collective, powerful voice.

The total value of institutional shares (long positions) is substantial, sitting at approximately $15.47 billion across 138,105,769 shares as of early November 2025.

Recent Shifts in Ownership: Buying the Dip or Doubling Down?

The trend in fiscal year 2025 has been a clear accumulation of AECOM shares by institutional players, reflecting the company's strong performance and increased financial guidance. This isn't just passive holding; it's active buying.

For example, in the first quarter of 2025, The Manufacturers Life Insurance Company lifted its stake by a staggering 421.9%, acquiring an additional 756,859 shares. This move alone pushed their total holding value to about $86.82 million. Also in Q1, Northern Trust Corp boosted its holdings by 33.2%, increasing its position to 2.22 million shares, valued at roughly $205.7 million. New money is also flowing in: Nuveen LLC opened a new position in Q1 valued at approximately $78.9 million.

To be fair, there are institutions that have reduced their exposure, like Amundi, which cut its stake by 43.7% in the most recent filings, but still holds over a million shares. Still, the net effect is a high-conviction environment where the majority of big money is betting on AECOM's continued success.

The Impact of Institutional Investors on Strategy and Stock Price

The sheer size of institutional ownership means these entities play a critical, dual role. First, they provide a floor of credibility and stability; a company with this level of professional backing is defintely seen as a quality investment. Second, they are a powerful force in corporate governance. Because institutions own over half the company, they can strongly influence board decisions, especially on capital allocation and major strategic shifts.

AECOM's recent financial results are a clear signal that this institutional confidence is well-placed. The company raised its full-year fiscal 2025 guidance for the third consecutive quarter, projecting adjusted earnings per share (EPS) to be between $5.20 and $5.30, a 16% increase at the midpoint. This growth is underpinned by an unprecedented visibility into future work, with a total backlog hitting a record high of $24.588 billion as of the third quarter of fiscal 2025. This massive backlog is the kind of concrete data that reassures large, long-term investors.

What this high ownership also hides is a vulnerability: a stock price can be volatile and 'vulnerable to their trading decisions.' If a few of the largest holders decide to sell simultaneously, the price can drop sharply, so you need to watch their filings closely. For more on the strategic direction these investors are buying into, you should review the Mission Statement, Vision, & Core Values of AECOM (ACM).

• Monitor the quarterly 13F filings for major sales.
• Focus on the company's adjusted EBITDA guidance of $1,190 million to $1,210 million, a key metric for institutional valuation.
• Recognize that the record $24.588 billion backlog provides a clear runway for future revenue.

Key Investors and Their Impact on AECOM (ACM)

You need to know who truly holds the reins at AECOM (ACM), and the answer is clear: the big institutional money is firmly in control. This isn't a stock driven by retail traders; it's a battleground for major funds, which means their collective decisions on buying and selling can create significant volatility, especially around earnings.

Institutional ownership-think mutual funds, pension funds, and asset managers-hovers around a massive 85.41% to 92.34% of the company's stock. When institutions own that much, they essentially validate the business model, but they also hold the power to move the share price dramatically if they decide to liquidate positions. It's a double-edged sword: great for stability, but a risk if sentiment turns sour.

The Heavy Hitters: Who Owns the Largest Stakes?

The investor profile for AECOM (ACM) is dominated by the titans of the asset management world. These aren't just passive index trackers; they are the funds that demand performance and strategic clarity. The top 14 shareholders alone control roughly 50% of the business, giving them immense leverage over company strategy and governance.

The largest institutional shareholders are exactly who you'd expect in a blue-chip infrastructure play. Here's a look at some of the most notable entities and their role in the ownership structure:

• BlackRock, Inc.: A foundational owner, their stake is a bellwether for broad institutional confidence.
• Vanguard Group Inc: Their index and active funds ensure a massive, generally long-term holding.
• Primecap Management Co/ca/: Known for their long-term, patient approach, they signal a belief in the company's multi-year growth runway.
• State Street Corp: Another major player whose holdings reflect index tracking and large-scale passive investment strategies.

The presence of these behemoths means AECOM's management is constantly accountable to a sophisticated, well-resourced shareholder base. They don't just ask questions; they expect a clear return on invested capital (ROIC).

Investor Influence: Demanding Performance and Clarity

The sheer concentration of ownership means these large investors don't just follow the stock-they defintely influence it. Their focus is on capital allocation and margin expansion, which is why management's guidance on profitability is so critical. For the full fiscal year 2025, the company is guiding for Adjusted EBITDA between $1,190 million and $1,210 million, a 10% increase at the midpoint, and adjusted EPS (Earnings Per Share) between $5.20 and $5.30, a 16% jump at the midpoint. These are the numbers the big funds are watching, and beating them is what keeps the stock moving.

This institutional pressure is a key reason AECOM has been so focused on its high-margin segments, like its Advisory business, which aims to double its Net Service Revenue (NSR) within three years. That's a direct response to the market demanding higher profitability, not just bigger revenue numbers. If you want a deeper dive into the company's financial health and how they are achieving those margins, you should read Breaking Down AECOM (ACM) Financial Health: Key Insights for Investors.

Recent Moves and What They Tell Us

Looking at recent 13F filings gives you a real-time snapshot of sentiment. The second quarter of 2025 saw several notable shifts, mostly on the buy side, which signals continued confidence in the infrastructure super-cycle:

• Impax Asset Management Group plc increased its stake by 0.9%, bringing their total to 1,516,823 shares, valued at approximately $171.19 million. They're buying into the growth story.
• Northern Trust Corp boosted its holdings significantly, increasing its position by 33.2% to own 2,218,412 shares, an investment worth around $205.7 million.
• Nuveen LLC established a new position in the first quarter of 2025, acquiring shares valued at about $78.9 million. That's a strong vote of confidence from a major new player.

Here's the quick math: with a market capitalization of about $17.72 billion, a new position of nearly $79 million is a material investment that reflects conviction in AECOM's record backlog of $24.588 billion as of Q3 2025. What this estimate hides, however, is the impact of insider selling; CEO Troy Rudd sold 53,097 shares for about $6.35 million in August 2025, which is a reminder that executives often take profits even when the company is performing well.

The company's commitment to returning capital is also a key investor-driven action; they have returned nearly $240 million to shareholders through repurchases and dividends year-to-date in 2025. This is a direct action to please the institutional base, signaling financial discipline and a focus on shareholder value.

Market Impact and Investor Sentiment

The investor sentiment toward AECOM (ACM) is defintely bullish right now, driven by its exceptional fiscal 2025 performance and a massive, record-setting backlog. The market is rewarding the company's focus on high-margin, professional services, which is why institutional money holds such a dominant position.

Institutional investors-the big guns like Vanguard Group Inc. and Primecap Management Co. CA-own the lion's share, controlling between 85.41% and 89% of the stock. That's a huge concentration, and it means the stock price is highly sensitive to their collective trading decisions. The top 14 shareholders alone hold roughly 50% of the company.

Here's the quick math on why they are buying: AECOM has consistently raised its full-year guidance, a sign of management's confidence and strong execution. The stock is a core holding for many large funds, signaling a belief in the long-term infrastructure and sustainability megatrends AECOM is capitalizing on. To understand the underlying financial strength, you should check out Breaking Down AECOM (ACM) Financial Health: Key Insights for Investors.

• Vanguard Group Inc. holds about $1.63 billion in shares.
• Primecap Management Co. CA holds about $1.16 billion in shares.
• Institutional ownership is near 89%.

Recent Market Reactions to Ownership Shifts

The stock market has reacted positively to AECOM's operational strength, largely overshadowing minor ownership shifts. For instance, the stock was up 22.4% year-to-date as of early November 2025, reflecting broad investor approval. When AECOM reported its Q3 2025 earnings, the adjusted EPS of $1.34 beat expectations, and the share price jumped 6.00% the very next day. That's a clear, immediate market reaction to strong performance.

Still, you need to watch the subtle moves. While the overall trend is up, the stock dipped a modest 2.6% in a single week in November 2025, partly on news of leadership changes and contract pursuit headlines. This shows that even with a strong foundation, the market is quick to price in any perceived uncertainty, especially given the high institutional concentration. When a few large holders decide to sell, the price can drop fast.

Analyst Perspectives on Key Investors' Impact

The analyst community is aligned with the institutional buying spree. The consensus rating from Wall Street analysts is a clear 'Buy'. This positive view is directly tied to the company's ability to convert its record backlog into high-margin revenue.

AECOM's total backlog hit an all-time high of $24.588 billion in Q3 2025. That kind of visibility is gold to institutional investors and analysts alike. It means future revenue is largely secured, reducing risk. The analysts' average 12-month price target is $137.30, with a high estimate reaching $151.00.

Here's a breakdown of the key fiscal 2025 guidance that's fueling this optimism:

What this estimate hides is the potential for further margin expansion, which AECOM exceeded in Q3 2025, hitting 17.1%. The analysts' confidence is rooted in the belief that the company's strategic focus on its core design and consulting segments-the 'Professional Services' business-will continue to drive margin growth well past their long-term target of 17%. The big investors are buying into this margin story, not just the revenue growth.