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I discussed Top 15 Buys of Acadian investment Management (AAM) in my previous article here. In addition to buys, it is also interesting to have a look at top companies where AAM is booking profit and selling its holdings.

Acadian typically sells stocks when: 1) Expected return of a stock deteriorates; 2) A better opportunity arises. The following is a list of Acadian's top 15 sells by market value in the last quarter, as released in the fund's most recent 13F filing with the SEC.

Stock

Symbol

Shares held

31 December 2010

Shares held

31 March 2011

Lubrizol Corporation

LZ

1425701

13112

Banco Bradesco S.A.

BBD

7044093

2254

Microsoft Corporation

MSFT

6484913

2001822

At&T, Inc.

T

8128887

5153758

Cardinal Health, Inc.

CAH

5564189

3529849

Johnson & Johnson

JNJ

4672762

3407162

Devon Energy Corporation

DVN

1592684

910827

Directv

DTV

1365818

30688

Ford Motor Co.

F

4181834

18531

International Paper Co.

IP

2049844

1000

Seagate Technology Plc

STX

5656976

1682980

Banco Santander-Chile

SAN

1264764

611814

Apple Inc.

AAPL

276508

114750

Endo Pharmaceuticals Holdings Inc.

ENDP

2323951

855081

Newmont Mining Corp.

NEM

997958

71123

Here are some of the specifics about these companies, including a brief description of their business, growth rates (topline and bottom line) and valuation:

Lubrizol Corporation

AAM sold 1412589 shares of Lubrizol Corporation last quarter and now holds 13112 shares. This position is 0.01% of AAM's portfolio. The share price of Lubrizol Corporation has increased from $106.88 on December 31, 2010 to $133.96 on March 31, 2011.

The Lubrizol Corporation is a specialty chemical company. The company supplies technologies and produces additives, ingredients, resins and compounds. Its EPS forecast for the current year is 11.30 and next year is 12.42. According to the consensus estimates, its top line is expected to grow 7.30% in the current year and 4.40% next year. It is trading at a forward P/E of 10.83. Out of seven analysts covering the company, one has a buy recommendation and six have hold ratings. [Ed note: Lubrizol is being bought out by Berkshire Hathaway (NYSE:BRK.A)]

Banco Bradesco S.A.

AAM sold 7041839 shares of Banco Bradesco S.A. last quarter and now holds just 2254 shares.
The share price of Banco Bradesco S.A. has increased from $20.29 on December 31, 2010 to $20.75 on March 31, 2011.

Banco Bradesco S.A. is a private sector commercial bank operating in Brazil. It offers a range of banking and financial products and services in Brazil and abroad to individuals, large, mid-sized and small companies, as well as major local and international corporations and institutions. Its EPS forecast for the current year is 1.80 and next year is 2.03. According to the consensus estimates, the bank's top line is expected to grow 36.30% in the current year and 6.70% next year. It is trading at a forward P/E of 9.96. Out of eight analysts covering the company, five are positive and have buy recommendations and three have hold ratings.

Microsoft Corporation

AAM sold 4483091 shares of Microsoft Corporation last quarter and now holds 2001822 shares. This position is 0.42% of AAM's portfolio. The share price of Microsoft Corporation has decreased from $27.91 on December 31, 2010 to $25.39 on March 31, 2011.

Microsoft Corporation is engaged in developing, manufacturing, licensing and supporting a range of software products and services for different types of computing devices. It operates in five segments: Windows & Windows Live Division (Windows Division), Server and Tools, Online Services Division, Microsoft Business Division, and Entertainment and Devices Division. Its EPS forecast for the current year is 2.56 and next year is 2.76. According to the consensus estimates, its top line is expected to grow 11.60% in the current year and 6.30% next year. It is trading at a forward P/E of 9.39. Out of 35 analysts covering the company, 25 are positive and have buy recommendations, one has a sell recommendation and nine have hold ratings.

AT&T Inc.

AAM sold 2975129 shares of AT&T Inc. last quarter and now holds 5153758 shares. This position is 1.3% of AAM's portfolio. The share price of AT&T Inc. has increased from $29.38 on December 31, 2010 to $30.61 on March 31, 2011.

AT&T Inc. is a holding company. The company is a provider of telecommunications services in the United States and worldwide. These include wireless communications, local exchange services, long-distance services, data/broadband and Internet services, video services, managed networking, wholesale services and directory advertising and publishing. Its EPS forecast for the current year is 2.36 and next year is 2.53. According to the consensus estimates, its top line is expected to grow 1.20% in the current year and 1.00% next year. It is trading at a forward P/E of 12.30. Out of 33 analysts covering the company, 17 are positive and have buy recommendations and 16 have hold ratings.

Cardinal Health, Inc.

AAM sold 2034340 shares of Cardinal Health, Inc. last quarter and now holds 3529849 shares. This position is 1.19% of AAM's portfolio. The share price of Cardinal Health, Inc. has increased from $38.31 on December 31, 2010 to $41.13 on March 31, 2011.

Cardinal Health, Inc. is a global healthcare solutions company providing products and services to hospitals, physician offices and pharmacies. The company operates in two segments: Pharmaceutical and Medical. Its EPS forecast for the current year is 2.61 and next year is 2.98. According to the consensus estimates, its top line is expected to grow 3.40% in the current year and 4.10% next year. It is trading at a forward P/E of 14.66. Out of 21 analysts covering the company, 14 are positive and have buy recommendations and seven have hold ratings.

Johnson & Johnson

AAM sold 1265600 shares of Johnson & Johnson last quarter and now holds 3407162 shares. This position is 1.66% of AAM's portfolio. The share price of Johnson & Johnson has decreased from $61.85 on December 31, 2010 to $59.25 on March 31, 2011.

Johnson & Johnson is a holding company. The company and its subsidiaries are engaged in the research and development, manufacture and sale of a range of products in the healthccare field. Its EPS forecast for the current year is 4.95 and next year is 5.24. According to the consensus estimates, its top line is expected to grow 5.60% in the current year and 4.40% next year. It is trading at a forward P/E of 12.54. Out of 22 analysts covering the company, nine are positive and have buy recommendations and 13 have hold ratings.

Devon Energy Corporation

AAM sold 681857 shares of Devon Energy Corporation last quarter and now holds 910827 shares. This position is 0.69% of AAM's portfolio. The share price of Devon Energy Corporation has increased from $78.51 on December 31, 2010 to $91.77 on March 31, 2011.

Devon Energy Corporation is an independent energy company engaged in exploration, development and production of natural gas and oil. The company's operations are concentrated in various North American onshore areas in the United States and Canada. Its EPS forecast for the current year is 6.44 and next year is 7.93. According to the consensus estimates, its top line is expected to decline 0.50% in the current year and grow 14.300% next year. It is trading at a forward P/E of 11.47. Out of 31 analysts covering the company, 19 are positive and have buy recommendations and 12 have hold ratings.

DIRECTV

AAM sold 1335130 shares of DIRECTV last quarter and now holds 30688 shares. This position is 0.01% of AAM's portfolio. The share price of DIRECTV has increased from $39.93 on December 31, 2010 to $46.79 on March 31, 2011.

DIRECTV is a provider of digital television entertainment in the United States and Latin America. The company operates two direct-to-home (DTH), operating segments: DIRECTV U.S. and DIRECTV Latin America (DTVLA), which are engaged in acquiring, promoting, selling and/or distributing digital entertainment programming primarily via satellite to residential and commercial subscribers. Its EPS forecast for the current year is 3.08 and next year is 4.07. According to the consensus estimates, its top line is expected to grow 10.10% in the current year and 8.10% next year. It is trading at a forward P/E of 11.93. Out of 23 analysts covering the company, 14 are positive and have buy recommendations, one has a sell recommendation and eight have hold ratings.

Ford Motor Company

AAM sold 4163303 shares of Ford Motor Company last quarter and now holds just 18531 shares. The share price of Ford Motor Company has decreased from $16.79 on December 31, 2010 to $14.90 on March 31, 2011.

Ford Motor Company is a producer of cars and trucks. Ford and its subsidiaries also engage in other businesses, including financing vehicles. It operates under two segments: Automotive and Financial Services. Its EPS forecast for the current year is 1.88 and next year is 2.00. According to the consensus estimates, its top line is expected to grow 11.90% in the current year and 9.50% next year. It is trading at a forward P/E of 7.73. Out of 20 analysts covering the company, 12 are positive and have buy recommendations and eight have hold ratings.

International Paper Company

AAM sold 2048844 shares of International Paper Company last quarter and now holds just 1000 shares. The share price of International Paper Company has increased from $27.24 on December 31, 2010 to $30.18 on March 31, 2011.

International Paper Company is a global paper and packaging company, with markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its EPS forecast for the current year is 2.71 and next year is 3.24. According to the consensus estimates, its top line is expected to grow 4.70% in the current year and 2.70% next year. It is trading at a forward P/E of 9.53. Out of 16 analysts covering the company, 12 are positive and have buy recommendations, two have sell recommendations and two have hold ratings.

Seagate Technology plc

AAM sold 3973996 shares of Seagate Technology plc last quarter and now holds 1682980 shares. This position is 0.2% of AAM's portfolio. The share price of Seagate Technology plc has decreased from $15.03 on December 31, 2010 to $14.41 on March 31, 2011.

Seagate Technology plc designs, manufactures, markets and sells hard disk drives. The company produces a range of disk drive products addressing enterprise applications, where its products are primarily used in enterprise servers, mainframes and workstations; client compute applications, where its products are used in desktop and notebook computers; and client non-compute applications, where its products are used in a variety of devices, such as digital video recorders (DVRs), and other consumer electronic devices, such as personal data backup systems, portable external storage systems and digital media systems. Seagate's EPS forecast for the current year is 1.18 and next year is 1.90. According to the consensus estimates, its top line is expected to decline 5.10% in the current year and grow 5.30% next year. It is trading at a forward P/E of 9.27. Out of 27 analysts covering the company, 10 are positive and have buy recommendations, two have sell recommendations and 15 have hold ratings.

Banco Santander Chile

AAM sold 652950 shares of Banco Santander Chile last quarter and now holds 611814 shares. This position is 0.44% of AAM's portfolio. The share price of Banco Santander Chile has decreased from $93.47 on December 31, 2010 to $86.75 on March 31, 2011.

Banco Santander Chile is a Chile-based company. It provides a range of commercial and retail banking services to its customers, including Chilean peso and foreign currency denominated loans to finance a variety of commercial transactions, trade, foreign currency forward contracts and credit lines, and a variety of retail banking services, including mortgage financing. Its EPS forecast for the current year is 6.31 and next year is 7.04. According to the consensus estimates, its top line is expected to grow 7.80% next year. It is trading at a forward P/E of 9.03. All six analysts covering the company have hold ratings.

Apple Inc.

AAM sold 161758 shares of Apple Inc. last quarter and now holds 114750 shares. This position is 0.33% of AAM's portfolio. The share price of Apple Inc. has increased from $322.56 on December 31, 2010 to $348.51 on March 31, 2011.

Apple Inc. designs, manufactures and markets a range of personal computers, mobile communication and media devices, and portable digital music players, and sells a range of related software, services, peripherals, networking solutions, and third-party digital content and applications. Its EPS forecast for the current year is 24.54 and next year is 28.34. According to the consensus estimates, its top line is expected to grow 57.80% in the current year and 20.20% next year. It is trading at a forward P/E of 12.35. Out of 54 analysts covering the company, 49 are positive and have buy recommendations, one has a sell recommendation and four have hold ratings.

Endo Pharmaceuticals Holdings Inc.

AAM sold 1468870 shares of Endo Pharmaceuticals Holdings Inc. last quarter and now holds 855081 shares. This position is 0.27% of AAM's portfolio. The share price of Endo Pharmaceuticals Holdings Inc. has increased from $35.71 on December 31, 2010 to $38.16 on March 31, 2011.

Endo Pharmaceuticals Holdings Inc. is a specialty pharmaceutical company in pain management. The company is engaged in the research, development, manufacturing, marketing and sales of branded and generic pharmaceutical products used primarily to treat and manage pain, overactive bladder, prostate and bladder cancer and central precocious puberty. Its EPS forecast for the current year is 4.29 and next year is 4.60. According to the consensus estimates, its top line is expected to grow 37.60% in the current year and 6.30% next year. It is trading at a forward P/E of 8.51. Out of 25 analysts covering the company, 10 are positive and have buy recommendations, one has a sell recommendation and 14 have hold ratings.

Newmont Mining Corporation

AAM sold 926835 shares of Newmont Mining Corporation last quarter and now holds 71123 shares. This position is 0.03% of AAM's portfolio. The share price of Newmont Mining Corporation has decreased from $61.43 on December 31, 2010 to $54.58 on March 31, 2011.

Newmont Mining Corporation is a gold producer. The company’s operating segments include North America, South America, Asia Pacific and Africa. Newmont is also engaged in the production of copper, principally through its Batu Hijau operation in Indonesia and Boddington operation in Australia. Its EPS forecast for the current year is 4.20 and next year is 4.54. According to the consensus estimates, its top line is expected to grow 5.50% in the current year and 3.60% next year. It is trading at a forward P/E of 12.90. Out of 19 analysts covering the company, nine are positive and have buy recommendations, one has a sell recommendation and nine have hold ratings.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Top 15 Stocks Acadian Investment Management Is Selling