Date: December 9, 2011
Source: News Room
Billionaire Bill Gates is buying more Republic Services stock. According to filings with the SEC, his investment company Cascade Investment, LLC has purchased 4 million shares of stock between Dec. 7 and Dec. 9 for about $108 million. He now owns 65.15 million shares representing about 17.5 percent of the company. The recent purchases are taking advantage of a yearly low point in the stock which most analysts expect to reach $35.
The business is attractive for its relative stability and high cash flows. Republic more than doubled its sales through its merger with Allied Waste and achieved synergies, in excess of expectations and ahead of schedule. For its third quarter ended Sept. 30, the company exceeded analyst expectations for its fourth consecutive quarter, reported substantially stronger net income and revenue boosted by volume and pricing growth.
A summary of the Cascade Investment, LLC transactions follows:
On Dec. 7, Cascade bought 1,400,000 Republic shares at $27.21 per share for a cost of $38,094,000.
On Dec. 8, Cascade bought 2,100,000 Republic shares at $26.89 per share for a cost of $56,469,000.
On Dec. 9, Cascade bought 500,000 Republic shares at $27.46 per share for a cost of $13,730,000.