Morningstar, Inc. (NASDAQ:MORN) Stock Position Increased by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia increased its stake in Morningstar, Inc. by 134.2%, acquiring an additional 25,500 shares to reach a total of 44,500 shares valued at approximately $13.34 million.
• Morningstar reported $2.40 earnings per share for the last quarter, surpassing analysts' estimates of $2.21, alongside a net margin of 17.22%.
• The company recently declared a quarterly dividend of $0.455 per share, with a current dividend yield of 0.7% and a payout ratio of 19.38%.

Bank of Nova Scotia grew its stake in shares of Morningstar, Inc. (NASDAQ:MORN - Free Report) by 134.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,500 shares of the business services provider's stock after buying an additional 25,500 shares during the period. Bank of Nova Scotia owned 0.10% of Morningstar worth $13,344,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. R Squared Ltd grew its stake in Morningstar by 1,766.7% in the 1st quarter. R Squared Ltd now owns 2,240 shares of the business services provider's stock worth $672,000 after acquiring an additional 2,120 shares in the last quarter. Commerce Bank boosted its stake in Morningstar by 6.0% in the 1st quarter. Commerce Bank now owns 10,771 shares of the business services provider's stock worth $3,230,000 after purchasing an additional 605 shares in the last quarter. Jefferies Financial Group Inc. acquired a new stake in shares of Morningstar during the first quarter worth $535,000. Wealthquest Corp acquired a new position in shares of Morningstar in the 1st quarter valued at $2,808,000. Finally, Dearborn Partners LLC lifted its holdings in shares of Morningstar by 16.2% during the first quarter. Dearborn Partners LLC now owns 1,546 shares of the business services provider's stock worth $464,000 after purchasing an additional 216 shares during the period. 57.02% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MORN has been the topic of several research analyst reports. BMO Capital Markets raised their price objective on Morningstar from $339.00 to $355.00 and gave the company an "outperform" rating in a report on Monday, May 12th. Wall Street Zen lowered shares of Morningstar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th.

Insider Buying and Selling at Morningstar

In other Morningstar news, Chairman Joseph D. Mansueto sold 7,250 shares of the stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $309.86, for a total value of $2,246,485.00. Following the completion of the sale, the chairman owned 9,442,731 shares of the company's stock, valued at $2,925,924,627.66. This trade represents a 0.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 50,398 shares of company stock worth $15,079,996. Insiders own 36.20% of the company's stock.

Morningstar Stock Performance

Shares of MORN stock traded up $0.06 during mid-day trading on Thursday, hitting $260.05. The stock had a trading volume of 247,109 shares, compared to its average volume of 217,994. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.13 and a quick ratio of 1.13. The company's 50-day simple moving average is $297.57 and its 200-day simple moving average is $300.42. The firm has a market cap of $10.97 billion, a PE ratio of 27.69 and a beta of 0.96. Morningstar, Inc. has a fifty-two week low of $250.34 and a fifty-two week high of $365.00.

Morningstar (NASDAQ:MORN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The business services provider reported $2.40 earnings per share 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 business had revenue of $605.10 million during the quarter, compared to analysts' expectations of $605.84 million.

Morningstar Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Friday, July 11th were paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, July 11th. Morningstar's dividend payout ratio (DPR) is currently 19.38%.

Morningstar 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.