Please answer the given financial question based on the context.
Context: part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities . the company 2019s common stock is listed on the new york stock exchange . prior to the separation of alcoa corporation from the company , the company 2019s common stock traded under the symbol 201caa . 201d in connection with the separation , on november 1 , 2016 , the company changed its stock symbol and its common stock began trading under the symbol 201carnc . 201d on october 5 , 2016 , the company 2019s common shareholders approved a 1-for-3 reverse stock split of the company 2019s outstanding and authorized shares of common stock ( the 201creverse stock split 201d ) . as a result of the reverse stock split , every three shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock , without any change in the par value per share . the reverse stock split reduced the number of shares of common stock outstanding from approximately 1.3 billion shares to approximately 0.4 billion shares , and proportionately decreased the number of authorized shares of common stock from 1.8 billion to 0.6 billion shares . the company 2019s common stock began trading on a reverse stock split-adjusted basis on october 6 , 2016 . on november 1 , 2016 , the company completed the separation of its business into two independent , publicly traded companies : the company and alcoa corporation . the separation was effected by means of a pro rata distribution by the company of 80.1% ( 80.1 % ) of the outstanding shares of alcoa corporation common stock to the company 2019s shareholders . the company 2019s shareholders of record as of the close of business on october 20 , 2016 ( the 201crecord date 201d ) received one share of alcoa corporation common stock for every three shares of the company 2019s common stock held as of the record date . the company retained 19.9% ( 19.9 % ) of the outstanding common stock of alcoa corporation immediately following the separation . see disposition of retained shares in note c to the consolidated financial statements in part ii item 8 of this form 10-k . the following table sets forth , for the periods indicated , the high and low sales prices and quarterly dividend amounts per share of the company 2019s common stock as reported on the new york stock exchange , adjusted to take into account the reverse stock split effected on october 6 , 2016 . the prices listed below for those dates prior to november 1 , 2016 reflect stock trading prices of alcoa inc . prior to the separation of alcoa corporation from the company on november 1 , 2016 , and therefore are not comparable to the company 2019s post-separation prices. .
|quarter|2017 high|2017 low|2017 dividend|2017 high|2017 low|dividend|
|first|$ 30.69|$ 18.64|$ 0.06|$ 30.66|$ 18.42|$ 0.09|
|second|28.65|21.76|0.06|34.50|26.34|0.09|
|third|26.84|22.67|0.06|32.91|27.09|0.09|
|fourth ( separation occurred on november 1 2016 )|27.85|22.74|0.06|32.10|16.75|0.09|
|year|$ 30.69|$ 18.64|$ 0.24|$ 34.50|$ 16.75|$ 0.36|
the number of holders of record of common stock was approximately 12271 as of february 16 , 2018. .
Question: considering the reverse stock split , what was the percentual reduction of the common stock outstanding shares?


Answer: The answer is:0.69231