Institute for Wealth Management LLC. Acquires Shares of 1,171 Morningstar, Inc. (NASDAQ:MORN)

Institute for Wealth Management LLC. purchased a new stake in Morningstar, Inc. (NASDAQ:MORN - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,171 shares of the business services provider's stock, valued at approximately $351,000.

A number of other large investors have also recently modified their holdings of the company. Deutsche Bank AG lifted its position in shares of Morningstar by 2.4% in the 4th quarter. Deutsche Bank AG now owns 1,798 shares of the business services provider's stock worth $605,000 after purchasing an additional 42 shares during the period. UMB Bank n.a. lifted its holdings in Morningstar by 10.5% during the first quarter. UMB Bank n.a. now owns 516 shares of the business services provider's stock worth $155,000 after buying an additional 49 shares during the period. Smartleaf Asset Management LLC lifted its holdings in Morningstar by 178.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 78 shares of the business services provider's stock worth $26,000 after buying an additional 50 shares during the period. Covestor Ltd lifted its stake in shares of Morningstar by 14.6% during the 4th quarter. Covestor Ltd now owns 416 shares of the business services provider's stock worth $140,000 after purchasing an additional 53 shares during the last quarter. Finally, QRG Capital Management Inc. lifted its stake in shares of Morningstar by 7.0% during the 4th quarter. QRG Capital Management Inc. now owns 890 shares of the business services provider's stock worth $300,000 after purchasing an additional 58 shares during the last quarter. Hedge funds and other institutional investors own 57.02% of the company's stock.

Insiders Place Their Bets

In related news, Chairman Joseph D. Mansueto sold 7,250 shares of Morningstar stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $297.25, for a total value of $2,155,062.50. Following the completion of the sale, the chairman now directly owns 9,495,705 shares in the company, valued at $2,822,598,311.25. This trade represents a 0.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Caroline J. Tsay sold 200 shares of Morningstar stock in a transaction on Friday, May 16th. The stock was sold at an average price of $309.84, for a total transaction of $61,968.00. Following the sale, the director now owns 4,345 shares of the company's stock, valued at $1,346,254.80. The trade was a 4.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 53,569 shares of company stock valued at $16,333,474. 36.20% of the stock is currently owned by corporate insiders.

Morningstar Price Performance

Shares of MORN opened at $300.61 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.50. The company has a market cap of $12.70 billion, a price-to-earnings ratio of 33.78 and a beta of 1.02. Morningstar, Inc. has a twelve month low of $250.34 and a twelve month high of $365.00. The company has a 50 day moving average of $297.53 and a two-hundred day moving average of $310.79.

Morningstar (NASDAQ:MORN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The business services provider reported $2.23 earnings per share for the quarter, topping analysts' consensus estimates of $2.10 by $0.13. The firm had revenue of $581.90 million during the quarter, compared to analysts' expectations of $589.07 million. Morningstar had a return on equity of 23.23% and a net margin of 16.60%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. BMO Capital Markets upped their price objective on Morningstar from $339.00 to $355.00 and gave the stock an "outperform" rating in a research note on Monday, May 12th. Wall Street Zen upgraded shares of Morningstar from a "hold" rating to a "buy" rating in a report on Friday, May 2nd.

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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