Bill Gates’ investment arm, Cascade Investment, is constantly increasing its position in Republic Services, Inc. (NYSE:RSG). In two latest filings, Cascade Investment, managed by Michael Larson (who also manages the Bill & Melinda Gates Foundation Trust) revealed acquiring almost 1.30 million shares. On September 19, Cascade revealed the acquisition of 1.29 million shares of Republic Services, at an weighted-average price of close to $39.26 per share. On Monday, the firm disclosed purchasing another 6,900 shares at close to $39.25 apiece. Following two deals that have been either open-market transactions or a private acquisition of shares, according to the filing, the Mr. Gates is deemed to hold almost 104.16 million shares of Republic Services, Inc. (NYSE:RSG).
Among the hedge funds we track at Insider Monkey, Mario Gabelli‘s GAMCO Investors owns around 2.86 million shares of Republic Services, Inc. (NYSE:RSG), which is a company engaged in waste management as of the end of June. Bill & Melinda Gates Foundation Trust, another entity affiliated with Mr. Gates, holds 1.35 million shares, according to its latest 13F filing.
The stock of Republic Services, Inc. (NYSE:RSG) trades at around 24 times earnings, which means that its P/E ratio is significantly below the waste management industry average of approximately 80.00. Moreover, the stock has a forward P/E of 18.10.
The stock of Republic Services, Inc. (NYSE:RSG) returned around 18% since the beginning of the year. The company is one of the largest in the industry of waste management in terms of market cap, which amounts to $14 billion and is outrun only by Waste Management, Inc. (NYSE:WM) with a market cap of $22 billion.