Morningstar, Inc. $MORN Shares Sold by Candriam S.C.A.

Key Points

• Candriam S.C.A. cut its Morningstar stake by 30.2% in the third quarter, selling 22,501 shares and retaining 51,944 shares valued at about $9.9 million.
• Morningstar reported quarterly earnings of $3.48 per share, above the $3.04 analyst consensus, and revenue of $672.1 million, also ahead of expectations.
• Analyst coverage was broadly positive: MarketBeat reported an average “Moderate Buy” rating and an average price target of $235.67. Chairman Joseph Mansueto also sold 7,250 shares under a pre-arranged trading plan.

Candriam S.C.A. decreased its holdings in shares of Morningstar, Inc. (NASDAQ:MORN - Free Report) by 30.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 51,944 shares of the business services provider's stock after selling 22,501 shares during the period. Candriam S.C.A. owned approximately 0.14% of Morningstar worth $9,908,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Public Employees Retirement System of Ohio acquired a new position in Morningstar during the second quarter worth $903,000. Callan Family Office LLC purchased a new position in Morningstar in the second quarter worth $846,000. Bank of America Corp DE raised its position in Morningstar by 11.7% in the first quarter. Bank of America Corp DE now owns 183,575 shares of the business services provider's stock worth $31,033,000 after acquiring an additional 19,264 shares in the last quarter. Engineers Gate Manager LP lifted its holdings in Morningstar by 182.2% in the second quarter. Engineers Gate Manager LP now owns 39,989 shares of the business services provider's stock valued at $6,239,000 after acquiring an additional 25,817 shares during the period. Finally, Legal & General Group Plc acquired a new stake in Morningstar in the second quarter valued at $4,278,000. 57.02% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Chairman Joseph Mansueto sold 7,250 shares of the stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $241.67, for a total value of $1,752,107.50. Following the sale, the chairman directly owned 8,587,179 shares in the company, valued at $2,075,263,548.93. This represents a 0.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 74,658 shares of company stock valued at $16,263,275 over the last quarter. 38.80% of the stock is owned by corporate insiders.

Morningstar Price Performance

Morningstar stock opened at $246.15 on Tuesday. Morningstar, Inc. has a 52 week low of $141.49 and a 52 week high of $248.88. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.62. The firm's 50-day simple moving average is $209.09 and its 200 day simple moving average is $187.08. The firm has a market capitalization of $9.13 billion, a PE ratio of 19.59 and a beta of 0.91.

Morningstar (NASDAQ:MORN - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The business services provider reported $3.48 EPS for the quarter, beating analysts' consensus estimates of $3.04 by $0.44. Morningstar had a net margin of 17.00% and a return on equity of 45.17%. The firm had revenue of $672.10 million for the quarter, compared to analysts' expectations of $664.75 million.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Weiss Ratings raised shares of Morningstar from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, October 9th. BMO Capital Markets increased their price target on shares of Morningstar from $230.00 to $237.00 and gave the company an "outperform" rating in a report on Tuesday, October 13th. Finally, Wall Street Zen upgraded shares of Morningstar from a "hold" rating to a "buy" rating in a research note on Saturday, September 26th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Morningstar has an average rating of "Moderate Buy" and an average price target of $235.67.

About Morningstar

Morningstar, Inc is a global provider of independent investment research, data, ratings and investment-management tools. The company serves individual investors, financial advisers, asset managers, retirement plan providers and institutions.

Its offerings include investment and portfolio data, mutual fund and exchange-traded fund research, software for financial professionals, and wealth-management services. Morningstar also provides credit ratings through DBRS Morningstar and sustainability research through Sustainalytics.

Founded in 1984 by Joe Mansueto, Morningstar serves clients in markets around the world.

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