Although U.S. stocks closed mostly lower on Thursday, 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.

Lions Gate Entertainment

• The Trade: Lions Gate Entertainment Corp. (NYSE:LGF) 10% owner Steven T Mnuchin acquired a total of 1,129,609 shares at an average price of $8.81. To acquire these shares, it cost around $9.96 million.
• What's Happening: On June 25, Lionsgate has chosen Amagi to be its partner for FAST playout and deliveries globally.
• What Lions Gate Entertainment Does: Lions Gate Entertainment, incorporated in 1986, engages in the film, television, subscription, and location-based entertainment businesses in the United States, Canada, and internationally.

Fortress Biotech

• The Trade: Fortress Biotech, Inc (NASDAQ:FBIO) President, CEO and Chairman Lindsay A MD Rosenwald acquired a total of 5,000 shares at an average price of $7.39. To acquire these shares, it cost around $36,971.
• What's Happening: On July 5, Fortress Biotech reported a pause in the payment of dividends on its 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock.
• What Fortress Biotech Does: Fortress Biotech Inc is a biopharmaceutical company. The firm is involved in the business of acquiring, developing, and commercializing pharmaceutical and biotechnology products.

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Armada Hoffler Properties

• The Trade: Armada Hoffler Properties, Inc. (NYSE:AHH) Director Dennis H. Gartman bought a total of 4,500 shares at an average price of $11.09. To acquire these shares, it cost around $49,926.
• What's Happening: Armada Hoffler is expected to report its earnings for the quarter ending June 30, 2024 on Wednesday, Aug. 7.
• What Armada Hoffler Properties Does: Armada Hoffler Properties Inc is a real estate company. It engages in developing, building, owning and managing the high-quality, institutional-grade office, retail, and multifamily properties in various markets throughout the Mid-Atlantic and Southeastern United States.

Friedman Industries

• The Trade: Friedman Industries, Incorporated (NYSE:FRD) Director Joe L Williams bought a total of 3,000 shares at an average price of $14.34. The insider spent around $43,020 to buy those shares.
• What's Happening: On June 26, Friedman Industries declared a cash dividend of 4 cents per share.
• What Friedman Industries Does: Friedman Industries Inc is engaged in the manufacturing and processing of steel products.

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