Congress Asset Management Co. Increases Stake in Morningstar, Inc. $MORN

Key Points

• Congress Asset Management Co. increased its stake in Morningstar, Inc. by 7.5% during the 2nd quarter, bringing its total to 60,411 shares worth approximately $18.97 million.
• Morningstar's stock has been given a new average price target of $361.67, with analysts currently rating it as a "Moderate Buy."
• The company reported an earnings per share (EPS) of $2.40, exceeding analysts' expectations of $2.21 for the most recent quarter.

Congress Asset Management Co. increased its stake in Morningstar, Inc. (NASDAQ:MORN - Free Report) by 7.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 60,411 shares of the business services provider's stock after buying an additional 4,195 shares during the period. Congress Asset Management Co. owned 0.14% of Morningstar worth $18,965,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in MORN. Mackenzie Financial Corp purchased a new position in Morningstar in the 4th quarter worth about $915,000. Wealth Enhancement Advisory Services LLC increased its stake in Morningstar by 13.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,643 shares of the business services provider's stock worth $553,000 after buying an additional 191 shares during the period. Versant Capital Management Inc increased its stake in Morningstar by 184.6% in the 1st quarter. Versant Capital Management Inc now owns 811 shares of the business services provider's stock worth $243,000 after buying an additional 526 shares during the period. GAMMA Investing LLC increased its stake in Morningstar by 30,785.9% in the 1st quarter. GAMMA Investing LLC now owns 144,237 shares of the business services provider's stock worth $43,252,000 after buying an additional 143,770 shares during the period. Finally, Hennion & Walsh Asset Management Inc. purchased a new position in Morningstar in the 1st quarter worth about $246,000. Hedge funds and other institutional investors own 57.02% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of Morningstar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $361.67.

Morningstar Stock Up 1.4%

MORN stock opened at $234.90 on Friday. The firm has a 50 day moving average of $259.41 and a 200 day moving average of $283.27. The stock has a market capitalization of $9.91 billion, a PE ratio of 25.02 and a beta of 1.01. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.52. Morningstar, Inc. has a 52 week low of $230.09 and a 52 week high of $365.00.

Morningstar (NASDAQ:MORN - Get Free Report) last released its earnings results on Wednesday, July 30th. The business services provider reported $2.40 EPS for the quarter, topping analysts' consensus estimates of $2.21 by $0.19. Morningstar had a net margin of 17.22% and a return on equity of 23.54%. The company had revenue of $605.10 million during the quarter, compared to analysts' expectations of $605.84 million.

Insider Activity

In related news, Chairman Joseph D. Mansueto sold 7,250 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $256.50, for a total value of $1,859,625.00. Following the completion of the transaction, the chairman directly owned 9,373,175 shares in the company, valued at $2,404,219,387.50. The trade was a 0.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last ninety days, insiders have sold 85,500 shares of company stock valued at $22,341,957. Insiders own 36.20% of the company's stock.

Morningstar Company Profile

Morningstar, Inc provides independent investment insights in the United States, Asia. Australia, Continental Europe, the United Kingdom, and internationally. The company operates in five segments: Morningstar Data and Analytics; PitchBook; Morningstar Wealth; Morningstar Credit; and Morningstar Retirement.

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