Patrick Industries (PATK) was Smart Insider's stock pick of the week after the company's director Todd Cleveland bought 11,000 shares for $952,000 or $86.57 apiece, raising his ownership by 8%.

The purchase is a reversal from a "slightly larger" stock sale for $88 apiece in September 2024, Smart Insider said in a Tuesday note, adding that Cleveland first bought the shares in 2018 at $21 apiece and the stock was upgraded in December of that year based on the purchase along with director Scott Welch's shares purchase, which "proved very timely."

The stock was ranked +1 on March 14 based on Welch's purchases of $862,000 company shares, according to the note.

"We now have two directors with good track records, paying the highest price they have, and with the stock not far from an all-time high," the note added.

Smart Insider renewed the stock's +1 rank, or strongly positive signal, on May 20.