Not only company officers qualify as insiders. Shareholders that own more than 10% of a company’s outstanding stock are also considered to be insiders, as they can usually access information that the broader public can’t. This is the case of two hedge funds, Bill Gates’ Cascade Investment and Phill Gross and Robert Atchinson’s Adage Capital Partners, which qualify as insiders at Republic Services Inc. (NYSE:RSG) and HeartWare International Inc (NASDAQ:HTWR), respectively. In the past few days, both these funds have disclosed several big stock purchases from the aforementioned companies. Let’s take a look at these transactions:
Since we last reported an increase in Adage Capital Partners’ stake in HeartWare International Inc (NASDAQ:HTWR), the fund continued to acquire its stock. Between September 12 and September 15, inclusive, Adage purchased another 100,000 shares of Common Stock, for prices ranging from $76.34 per share to $76.99 per share, inclusive. Following these transactions (which had a total value of more than $7.6 million), the fund owns more than 2 million shares of the company.
This stake makes of Adage the largest hedge fund shareholder (amongst those we track) in HeartWare International Inc (NASDAQ:HTWR), trailed, from far behind, by Jeremy Green’s Redmile Group, which owns 222,926 shares of the company.
HeartWare International Inc (NASDAQ:HTWR) is a $1.4 billion market cap company that develops and manufactures small implantable heart pumps, or ventricular assist devices, for the treatment of advanced heart failure.
Back to Cascade Investment, the fund has been quite active lately, especially in relation to Republic Services Inc. (NYSE:RSG). Since we last reported its ownership of 102.49 million shares of Common Stock, the fund disclosed two additional purchases. On September 11, Cascade bought 110,548 shares of Common Stock, for an average weighted price of $39.10 per share. On the following day, the fund purchased another 88,549 shares, for an average price of $39.04 per share. Following these transactions, Cascade owns 120.69 million shares of Republic Services Inc. (NYSE:RSG).
I should highlight that Adage Capital Partners is also bullish about Republic Services Inc. (NYSE:RSG). The fund last disclosed (for the second quarter of 2014) ownership of 562,358 shares of the company, following a 4% increase in its stake. Mario Gabelli‘s GAMCO Investors is also pretty confident. The fund last acknowledged having boosted its exposure to the company by 12%, holding 2.86 million shares, worth more than $100 million.
Republic Services Inc. (NYSE:RSG) is a $14 billion market cap provider of services in the domestic non-hazardous solid waste industry.
Disclosure: Javier Hasse holds no positions in any stocks or funds mentioned
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