Although US stocks closed mixed 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.

Masimo

• The Trade: Masimo Corporation (NASDAQ:MASI) Director, CEO and Chairman of the Board Joe Kiani acquired a total of 6,365 shares an average price of $157.16. To acquire these shares, it cost around $1 million.
• What’s Happening: Masimo posted upbeat quarterly results.
• What Masimo Does: Masimo Corp is a global technology company. The company's segment includes healthcare and non-healthcare.

Occidental Petroleum

• The Trade: Occidental Petroleum Corporation (NYSE:OXY) 10% owner Warren E Buffett acquired a total of 4,660,809 shares at an average price of $58.57. To acquire these shares, it cost around $273 million.
• What’s Happening: Mizuho maintained Occidental Petroleum with a Buy and lowered the price target from $79 to $67.
• What Occidental Petroleum Does: Occidental Petroleum is an independent exploration and production company with operations in the United States, Latin America, and the Middle East.

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