A 10% owner's $380M+ open-market buy is a strong bullish signal, but historical calibration for this filing type shows a near-zero net alpha at T+20. Traders should watch for any upcoming 8-K or earnings release that might explain the insider's conviction — the cluster's size and timing suggest material non-public information may be in play. Consider a long position with a stop-loss below the cluster's average entry price (~$222).
Price Chart
Executive Summary
Cascade Investment, L.L.C., a 10% owner of Republic Services (RSG), made a massive open-market purchase of ~1.7M shares totaling ~$380.75M over a 7-day window (Sep 3–10, 2026). This represents approximately 0.56% of RSG's $68.2B market cap, a highly material conviction buy from a major insider. The cluster of purchases across multiple days signals strong confidence in the company's near-term prospects, though the historical calibration for this filing type shows a neutral net alpha at T+20 (+0.04%), tempering the bullish signal.
Key Financial Metrics
Key Facts
- Cascade Investment, L.L.C. (10% owner) purchased ~1.7M shares of RSG over Sep 3–10, 2026.
- Total purchase value: ~$380.75 million.
- Purchase represents ~0.56% of RSG's $68.2B market cap.
- All transactions were open-market purchases (Code P), no 10b5-1 plan indicated.
- RSG has 55% analyst bullish consensus (7 Strong Buy, 11 Buy, 15 Hold).
- Prior 30-day insider activity: 10 buys totaling $183.8M, indicating sustained insider accumulation.
Financial Impact
~$380.75M in insider purchases, representing 0.56% of market cap.
Risk Factors
- Historical calibration shows this filing type has a net alpha of only +0.04% at T+20, suggesting limited short-term edge.
- Cascade Investment is a 10% owner, not C-suite — insider weighting literature gives less predictive power to non-executive buys.
- No specific catalyst or company announcement accompanies this purchase cluster.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| INSIDER-BUY Data (Synthetic) | 0001104659-26-107592 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 17d ago | Insider Buy | $223.04 $213.88 | ▼ −4.11% | ▼ −6.23% | $208.98 (−6.30%) |
Sep 10, 2026 22d ago | Insider Buy | $221.08 $218.93 | ▼ −0.97% | ▼ −0.47% | $208.98 (−5.47%) |
Sep 3, 2026 29d ago | Insider Buy | $225.12 $222.74 | ▼ −1.06% | ▲ +0.09% | $208.98 (−7.17%) |
Sep 1, 2026 4w ago | Insider Buy | $223.29 $222.47 | ▼ −0.37% | ▼ −0.45% | $208.98 (−6.41%) |
Aug 28, 2026 4w ago | Insider Buy | $220.92 $221.63 | ▲ +0.32% | ▲ +0.46% | $208.98 (−5.40%) |
Aug 24, 2026 5w ago | Insider Buy | $223.08 $220.92 | ▼ −0.97% | ▼ −1.44% | $208.98 (−6.32%) |
Aug 20, 2026 6w ago | Insider Buy | $219.50 $219.27 | ▼ −0.10% | ▼ −1.22% | $208.98 (−4.79%) |
Aug 18, 2026 6w ago | Insider Buy | $216.97 $220.96 | ▲ +1.84% | ▲ +2.04% | $208.98 (−3.68%) |
Aug 14, 2026 6w ago | Insider Buy | $215.26 $223.08 | ▲ +3.63% | ▲ +4.82% | $208.98 (−2.92%) |
Aug 12, 2026 7w ago | Insider Buy | $214.26 $221.04 | ▲ +3.16% | ▲ +3.61% | $208.98 (−2.46%) |
US Market Status
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