Patrick Industries Inc (PATK US, +1, 20-May-25)

Todd Cleveland (Director, former CEO 2008-2019; former Chair 2018-2024) purchased 11,000 shares at $86.57, spending $952,000 and increasing his holdings by 8% to 182,000 shares. The purchase is a reversal from a slightly larger sale in September 2024 at $88, and his first purchase since 2018 (at $21). 

We upgraded the stock in December 2018 based on that purchase and buying from Scott Welch, which proved very timely. He joined in 2007, has made 26 purchases, and has a good record. This is the highest price he has paid for the shares. We ranked this stock +1 on March 14th based on purchases of $862,000 from M. Scott Welch (Director since 2015), who also has a very good record of purchasing the shares. He has since made another purchase of $212,000, bringing his total spent to $1.1 million. 

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. 

We are renewing our +1 rank (strongly positive signal).

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