WASHINGTON, Feb 5 (Reuters) - The chief executive of consumer products maker Newell Rubbermaid Inc NWL.N recently bought 10,000 shares on the open market, less than a week after the company cut its 2008 sales forecast, according to a regulatory filing on Tuesday.
Mark Ketchum bought the shares on Feb. 4 for $23.50 each, boosting his stake by more than 7 percent to 143,798 shares, the filing with the U.S. Securities and Exchange Commission revealed.
Atlanta-based Newell reported on Jan. 31 that its fourth-quarter profit had increased 3 percent, but also said it was cutting its 2008 sales forecast, as it does not expect economic conditions in North America to improve.
Newell shares closed down 3 percent that day to $24.06.
Ketchum’s buy was his second purchase in six months, according to filing tracker InsiderScore.com. He bought 20,000 shares for $26.40 in August.
The shares were up 3 cents at $23.26 in midday trade on the New York Stock Exchange. (Reporting by Karey Wutkowski, editing by Leslie Gevirtz)