Over $1M Bet On This Industrial Stock? Check Out These 4 Stocks Insiders Are Buying

Although U.S. stocks closed lower on Monday, there were a few notable insider trades.

When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.

Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.

Allegion

• The Trade: Allegion plc ALLE President and CEO John H Stone acquired a total of 10,000 shares an average price of $132.41. To acquire these shares, it cost around $1.32 million.
• What’s Happening: On Feb. 20, Allegion posted better-than-expected quarterly earnings.
• What Allegion Does: Allegion is a global security products company with a portfolio of leading brands such as Schlage, Von Duprin, and LCN.

Heartland Express

• The Trade: Heartland Express, Inc. HTLD 10% owner Julie Durr acquired a total of 14,933 shares at an average price of $12.39. To acquire these shares, it cost around $185,024.
• What’s Happening: On Jan. 31, Heartland Express posted a profit for the fourth quarter.
• What Heartland Express Does: Heartland Express Inc is engaged in providing truckload services across the United States and Canada.

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Tile Shop Holdings

• The Trade: Tile Shop Holdings, Inc. TTSH 10% owner Pleasant Lake Onshore Feeder Fund LP bought a total of 98,000 shares at an average price of $6.53. To acquire these shares, it cost around $639,991.
• What’s Happening: Tile Shop said it will release financial results for the fourth quarter on Feb. 29, 2024.
• What Tile Shop Holdings Does: Tile Shop Holdings Inc is a specialty retailer of natural stone and man-made tiles, setting and maintenance materials, and related accessories in the United States.

Illumina

• The Trade: Illumina, Inc. ILMN CEO Jacob Thaysen bought a total of 7,330 shares at an average price of $135.29. The insider spent around $991,672 to buy those shares.
• What’s Happening: On Feb. 8, Illumina posted upbeat quarterly earnings.
• What Illumina Does: Illumina provides tools and services to analyze genetic material with life science and clinical lab applications.

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