Cascade Investment, L.L.C., the investment vehicle tied to Bill Gates and a 10%+ owner of Republic Services, Inc. (NYSE: RSG), continued a rapid string of open-market purchases this week, according to a newly filed Form 4 with the SEC.
On August 13, 2026, Cascade bought 157,096 shares of Republic Services at $215.70 per share, a purchase worth $33,885,465.81. Following the transaction, Cascade’s directly held stake stands at 111,637,242 shares.
Part of a Larger Pattern
This single purchase is only the latest entry in a much larger buying campaign. Between August 10 and August 13, 2026, Cascade Investment made 14 separate open-market purchases of Republic Services stock, spending a combined $186,474,939 over that four-day span. Our system flags this kind of repeated, closely timed buying activity from the same insider as a ‘cluster buy,’ a signal that tends to draw more attention than a single isolated trade.
Republic Services investors following this activity may recall earlier coverage on this site of the same buying campaign, including a report on an earlier tranche: RSG: Cascade Investment Buys $108M in Republic Services Stock. Taken together, the filings paint a picture of sustained accumulation rather than a one-off trade.
Each purchase in the sequence was made on the open market with Cascade’s own capital, meaning the firm paid current market prices for the shares rather than acquiring them through options, grants, or other compensation-related mechanisms. That distinction matters to those who track insider activity, since open-market buying is generally viewed as a more direct expression of an insider’s own view of a company’s value.
Why Clustered Buying Gets Attention
Academic research on insider trading disclosures has found that clustered purchases, meaning multiple insiders or repeated buying from the same insider within a short window, have historically correlated with periods of relative outperformance in the underlying stock. That research describes a statistical pattern observed across many companies over time; it does not predict what will happen with any single stock, including Republic Services, and this article should not be read as a suggestion to buy or sell shares.
Cascade Investment’s position as a 10%+ owner means its filings are closely watched by other market participants who track large, sustained ownership stakes. With 14 purchases logged in just four trading days totaling nearly $186.5 million, the size and pace of this buying campaign stands out relative to more routine insider transactions.
Further Form 4 filings related to this activity, if any are submitted, would be expected to appear in the coming days as the reporting window for this period closes.
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Source: original SEC Form 4 filing.