Although U.S. stocks closed higher on Tuesday, 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.

Citi Trends

• The Trade: Citi Trends, Inc. (NASDAQ:CTRN) 10% owner Pleasant Lake Partners LLC acquired a total of 32,508 shares at an average price of $24.69. To acquire these shares, it cost around $802,617.
• What's Happening: On June 4, Citi Trends reported mixed first-quarter results and revised full year 2024 outlook.
• What Citi Trends Does: Citi Trends Inc is a retailer of urban fashion apparel and accessories in the United States.

Norfolk Southern

• The Trade: Norfolk Southern Corporation (NYSE:NSC) Director Sameh Fahmy acquired a total of 2,000 shares at an average price of $222.18. To acquire these shares, it cost around $444,355.
• What's Happening: On May 23, Norfolk Southern reached an agreement to resolve federal East Palestine derailment claims and investigations.
• What Norfolk Southern Does: Class-I railroad Norfolk Southern operates in the Eastern United States. On more than 20,000 miles of track, the rail hauls shipments of coal, intermodal traffic, and a diverse mix of automobile, agriculture, metal, chemical, and forest products.

Don't forget to check out our premarket coverage here

SLM

• The Trade: SLM Corporation (NASDAQ:SLM) Director Richard Scott Blackley bought a total of 11,702 shares at an average price of $21.31. To acquire these shares, it cost around $249,378.
• What's Happening: On June 4, TD Cowen analyst Moshe Orenbuch maintained SLM with a Buy and raised the price target from $25 to $27.
• What SLM Does: SLM Corp is the largest student lender in the country.

Leggett & Platt

• The Trade: Leggett & Platt, Incorporated (NYSE:LEG) EVP – General Counsel Jennifer Joy Davis bought a total of 1,985 shares at an average price of $12.50. The insider spent around $24,812 to buy those shares.
• What's Happening: On May 21, Leggett & Platt named Karl Glassman as President and CEO.
• What Leggett & Platt Does: Leggett & Platt Inc designs and produces engineered components and products found in homes and automobiles.