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Tracking insider buying is a strategy that, over time, has shown to lead to market-beating returns. Insiders are just like the rest of the public in that they desire to make more money. As a result, when people who arguably have the best view into a company's operations and future prospects purchase shares, we can join them on the way higher. The following are stocks that have recently had notable insider buying of at least $2.5 million. As always, only consider this as a starting point in your investment research, as these are only my opinions.

Universal Display (PANL) is engaged in producing a variety of lighting and flat panel display products used in electronics. The company's stock has been volatile and has recently been suffering as the stock sits not far from its 52-week low at $21.55. Major shareholder Discovery Global Opportunity Master Fund sees the stock moving higher, buying on March 26 a massive 92,100 shares at $29.97 equating to $2.76 million worth of stock. The company has not performed well operationally, missing consensus earnings estimates in each of the last four quarters. However, the company has a pristine, debt-free balance sheet with over $5 per share in net cash. Moreover, analysts are expecting a very strong 25% per annum annual growth over the next five years. I think with the very strong insider buying, sterling balance sheet, and strong growth expected ahead, Universal Display is worth a look.

If one is looking to wisely diversify this position, fellow lighting stock Cree (CREE) is worth a look. Cree is a sizable company with $1.25 billion in annual revenues and a market capitalization at $6 billion. The company has been performing quite well operationally, beating consensus estimates in each of the last three quarters. Moreover, analysts expect the strong growth to continue calling for per annum growth of 18% over the next five years. Like Universal Display, the company is also debt-free with a strong net cash position exceeding $7.5 per share.

High-end luxury retailer Tiffany (TIF) is well-known for selling fine jewelry, among other items. The company is sitting at a new 52-week high as the economy continues to benefit from an improving economy. Major shareholder Qatar Investment Authority sees the stock continuing to move higher. The investment authority on March 26-27 bought a sizable 128,248 shares collectively at an average price of $68.13, equating to $8.7 million worth of stock. The company just turned in a stellar quarter, handily beating consensus estimates. The company has missed in each of the previous three quarters, which is definitely a concern. Moreover, trading at a 22x trailing and 18x forward P/E does not exactly make it cheap. The 1.8% dividend yield is a nice benefit, though, along with strong returns on equity at approximately 17%. I'd say Tiffany is worth putting on your radar at this point, but I'm not convinced it's a buy at these levels.

I think if one is looking to be in the luxury retailing space, Macy's (M) shows more value. Macy's is a well-known company with annual revenues exceeding $27 billion and a $16 billion market capitalization. The company has done well operationally, exceeding analyst estimates in each of the last four quarters. The company is attractively priced at just a 13x trailing and 9.5x forward P/E. Add in the stellar 22% returns on equity and 1.9% dividend yield, and I think the stock should perform well for the long-term investor.

Amryis (AMRS) is a biotechnology firm focused predominately on creating renewable energy solutions and products. The company's stock has been erratic the past year as it currently sits in the middle of its range at approximately $3 per share. Board Director Al Thani Khalifa sees brighter days ahead, though, buying 1,533,742 shares on March 27 at $3.26, equaling $5 million worth of stock. This large insider purchase is always encouraging, but the stock fundamentals are not something I can get behind at this time. The company has badly missed consensus estimates in three of the last four quarters while losing over $200 million in net income. The company has a heavy debt load exceeding $105 million and negative net cash position at approximately $75 million. Add in the ugly returns on assets at negative 34% and returns on equity at negative 181%, and I can't get behind the stock at this time.

Source: Insider Alert: Large Purchases Made By Insiders