Although U.S. stocks closed slightly 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.

Weyerhaeuser

• The Trade: Weyerhaeuser Company (NYSE:WY) Director Albert Monaco acquired a total of 31,500 shares at an average price of $31.38. To acquire these shares, it cost around $988,376.
• What's Happening: On July 25, Weyerhaeuser reported downbeat second-quarter sales.
• What Weyerhaeuser Does: Weyerhaeuser ranks among the world's largest forest product companies.

El Pollo Loco

• The Trade: El Pollo Loco Holdings, Inc. (NASDAQ:LOCO) 10% owner Biglari Insurance Group Inc. acquired a total of 344,247 shares at an average price of $13.20. To acquire these shares, it cost around $4.5 million.
• What's Happening: On Aug. 1, El Pollo Loco posted upbeat quarterly earnings.
• What El Pollo Loco Does: El Pollo Loco Holdings Inc operates and franchises hundreds of fast-casual chicken restaurants in the United States.

Herbalife

• The Trade: Herbalife Ltd. (NYSE:HLF) Director Juan Miguel Mendoza bought a total of 10,000 shares at an average price of $8.72. To acquire these shares, it cost around $87,200.
• What's Happening: On July 31, Herbalife reported worse-than-expected second-quarter revenue results.
• What Herbalife Does: Herbalife Ltd is an international nutrition company that provides health and wellness products to consumers in 95 markets, which consist of countries and territories, through their direct-selling business model.

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