January 25, 2008 / 8:14 PM / in 11 years

Parker Hannifin CEO buys up almost $1 mln in stock

WASHINGTON, Jan 25 (Reuters) - The chief executive of Parker Hannifin Corp (PH.N) recently bought about $1 million of the diversified manufacturer’s stock on the open market, the biggest purchase by any company insider in more than five years, according to a research note on Friday.

Donald Washkewicz bought 16,650 shares on Jan. 22 and 23, boosting his direct holdings by more than 4 percent, filings with the U.S. Securities and Exchange Commission show.

A research note from filing tracker InsiderScore.com said Washkewicz’s buy was his fourth open market purchase ever. He became CEO in July 2001, and joined the company right out of college in 1972.

The transactions came almost a week after Parker’s better-than-expected quarterly profit report on Jan. 17 was overshadowed by concerns about a slowing U.S. industrial economy.

Shares of Parker closed down 7.2 percent that day at $61.11. Washkewicz bought his shares in two blocks for $59.95 and $59.97 apiece.

The company’s stock is down about 26.3 percent since it hit a year’s high of $86.53 on Nov. 8. It rose $1.33, or 2.13 percent, to $63.75 on the New York Stock Exchange late Friday afternoon. (Reporting by Karey Wutkowski, editing by Richard Chang)

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