Bank of New York Mellon Corp Takes $36.27 Million Position in Morningstar, Inc. $MORN

Key Points

• Bank of New York Mellon acquired 232,481 Morningstar shares worth approximately $36.27 million, representing about 0.62% of the company. Institutional investors collectively own 57.02% of Morningstar.
• Morningstar reported quarterly EPS of $3.10, exceeding the $2.83 consensus estimate, while revenue of $663.2 million also topped expectations.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $227.33, although UBS lowered its target to $260 and other firms issued targets ranging from $210 to $212.

Bank of New York Mellon Corp bought a new position in Morningstar, Inc. (NASDAQ:MORN - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 232,481 shares of the business services provider's stock, valued at approximately $36,272,000. Bank of New York Mellon Corp owned approximately 0.62% of Morningstar as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in MORN. Wellington Management Group LLP raised its stake in shares of Morningstar by 85.4% during the fourth quarter. Wellington Management Group LLP now owns 1,136,213 shares of the business services provider's stock worth $246,910,000 after acquiring an additional 523,387 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Morningstar by 106.9% during the 3rd quarter. AQR Capital Management LLC now owns 608,244 shares of the business services provider's stock valued at $141,119,000 after purchasing an additional 314,275 shares during the last quarter. Norges Bank purchased a new position in Morningstar in the 4th quarter worth $62,367,000. Corient Private Wealth LLC lifted its stake in Morningstar by 1,196.5% in the fourth quarter. Corient Private Wealth LLC now owns 260,978 shares of the business services provider's stock worth $56,713,000 after purchasing an additional 240,848 shares during the last quarter. Finally, Voloridge Investment Management LLC boosted its position in Morningstar by 362.8% during the third quarter. Voloridge Investment Management LLC now owns 187,128 shares of the business services provider's stock valued at $43,416,000 after buying an additional 146,693 shares during the period. Hedge funds and other institutional investors own 57.02% of the company's stock.

Wall Street Analyst Weigh In

MORN has been the topic of several analyst reports. UBS Group decreased their price objective on Morningstar from $280.00 to $260.00 and set a "buy" rating on the stock in a report on Tuesday, July 7th. Wall Street Zen lowered Morningstar from a "buy" rating to a "hold" rating in a research report on Saturday. Weiss Ratings raised Morningstar from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, August 14th. Rothschild & Co Redburn set a $210.00 price objective on Morningstar in a research report on Thursday, June 18th. Finally, BMO Capital Markets reissued an "outperform" rating and set a $212.00 price objective on shares of Morningstar in a research note on Friday, June 26th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $227.33.

Morningstar Trading Down 0.5%

NASDAQ:MORN opened at $217.65 on Friday. The company has a 50-day moving average price of $184.22 and a 200-day moving average price of $177.98. The stock has a market cap of $8.16 billion, a price-to-earnings ratio of 20.61 and a beta of 0.99. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 1.66. Morningstar, Inc. has a 12 month low of $141.49 and a 12 month high of $263.67.

Morningstar (NASDAQ:MORN - Get Free Report) last announced its earnings results on Wednesday, July 29th. The business services provider reported $3.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.27. Morningstar had a return on equity of 38.57% and a net margin of 16.43%.The firm had revenue of $663.20 million during the quarter, compared to analyst estimates of $649.72 million.

Insider Transactions at Morningstar

In related news, Chairman Joseph D. Mansueto sold 7,906 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $210.26, for a total value of $1,662,315.56. Following the completion of the transaction, the chairman directly owned 7,960,570 shares in the company, valued at $1,673,789,448.20. This trade represents a 0.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 86,500 shares of company stock valued at $17,824,451 in the last ninety days. 38.80% of the stock is currently owned by corporate insiders.

Morningstar Company Profile

Morningstar, Inc is a leading provider of independent investment research, data, and analytics, serving both individual investors and financial professionals. The company offers comprehensive coverage of financial products, including mutual funds, exchange-traded funds (ETFs), stocks, bonds and market indexes. Morningstar's proprietary rating systems and research methodologies help clients assess the risk and return profiles of investment opportunities and make informed decisions.

Its core products include Morningstar Direct, an institutional investment analysis platform; Morningstar Office Cloud, a portfolio management solution for advisors; and Morningstar Data, which delivers extensive datasets through APIs and data feeds.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source