Cascade Investment, L.L.C., the investment vehicle associated with Republic Services, Inc. (NYSE: RSG) and classified as a 10%+ owner of the company, disclosed another open-market purchase in a Form 4 filing. On August 31, 2026, the entity bought 155,944 shares at $221.32 apiece, a transaction worth $34,513,978.32. Following the purchase, Cascade’s directly held stake stood at 114,342,471 shares.
This single trade is notable on its own, but it is far from an isolated event. The August 31 purchase is the latest in a string of 23 separate open-market buys by Cascade Investment stretching from August 21 through August 31, 2026. Taken together, those transactions add up to $415,077,469 spent acquiring RSG shares over roughly a week and a half. Our system flags this kind of repeated, high-dollar buying activity from a single insider as a cluster buy, a pattern that stands apart from a one-off purchase because of its size, frequency, and consistency over a short window.
A Pattern That Keeps Growing
Readers who have followed our previous coverage of this filer will recognize the trajectory. Earlier in the month, we reported that Cascade’s August buying had already topped $378 million, and shortly after that, the running total climbed past $343 million in a separate tranche of purchases — you can revisit that reporting in our earlier piece, RSG: Cascade Buys $22.5M More, August Total Hits $343M. With the August 31 transaction now added to the tally, the cumulative figure for the month has risen further still, underscoring just how sustained this buying campaign has been.
Because Cascade Investment is disclosed as a 10%+ owner rather than an officer or director, these purchases reflect capital allocation decisions tied to a large existing stake in Republic Services rather than trades by day-to-day company management. Still, the scale and cadence of the buying are unusual enough to draw attention from anyone tracking insider disclosures at large-cap industrial and waste management names.
Academic research on insider trading has found that clustered buying — multiple insiders or a single insider making repeated purchases in a short span — has historically correlated with periods of stronger subsequent stock performance compared to isolated purchases. That said, this article is a report on a public SEC disclosure, not an assessment of RSG’s investment merits, and the pattern described here should be read as informational context rather than a signal to act on.
Further Form 4 filings from Cascade Investment, if they continue at this pace, would likely extend the running August total even beyond the current $415 million figure.
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Source: original SEC Form 4 filing.