Somnigroup International (SGI) was Smart Insider's stock pick of the week after Simon Dyer bought $3 million worth of Somnigroup shares at $93.40 apiece on Dec. 2.

Dyer, who is a non-independent Somnigroup director, acquired the shares on behalf of Madad Investment, Smart Insider said in a Tuesday note.

This was Dyer's first stock purchase in the company and followed Somnigroup's Dec. 1 offer to acquire Leggett & Platt for $1.60 billion, according to Smart Insider.

This is the first purchase by any insider since May 2018, said Smart Insider, which ranked the stock "strong positive signal."