Parnassus Investments LLC Cuts Position in Morningstar, Inc. $MORN

Key Points

• Parnassus Investments LLC has reduced its stakes in Morningstar, Inc. by 22.6%, now holding approximately 54,242 shares valued at $16.27 million, following a sale of 15,869 shares in the first quarter.
• Insider trading activity indicates Chairman Joseph D. Mansueto sold 7,250 shares worth about $1.86 million, decreasing his position by 0.08%.
• Morningstar's stock price dropped 1.5% recently and has seen fluctuations, with a fifty-two week low of $250.34 and a high of $365.00, currently trading around $261.26.

Parnassus Investments LLC reduced its stake in shares of Morningstar, Inc. (NASDAQ:MORN - Free Report) by 22.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 54,242 shares of the business services provider's stock after selling 15,869 shares during the period. Parnassus Investments LLC owned 0.13% of Morningstar worth $16,266,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Hughes Financial Services LLC acquired a new stake in Morningstar during the 1st quarter worth about $25,000. Larson Financial Group LLC grew its holdings in Morningstar by 5,066.7% during the 1st quarter. Larson Financial Group LLC now owns 155 shares of the business services provider's stock worth $46,000 after acquiring an additional 152 shares during the period. Blue Trust Inc. grew its holdings in Morningstar by 172.3% during the 1st quarter. Blue Trust Inc. now owns 177 shares of the business services provider's stock worth $53,000 after acquiring an additional 112 shares during the period. WPG Advisers LLC acquired a new stake in Morningstar during the 1st quarter worth about $73,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Morningstar during the 1st quarter worth about $95,000. 57.02% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MORN has been the subject of a number of recent analyst reports. Wall Street Zen downgraded Morningstar from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. BMO Capital Markets raised their target price on Morningstar from $339.00 to $355.00 and gave the company an "outperform" rating in a research note on Monday, May 12th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $361.67.

Morningstar Stock Up 0.4%

Shares of NASDAQ MORN traded up $1.16 during mid-day trading on Monday, reaching $262.42. 345,496 shares of the company's stock traded hands, compared to its average volume of 347,189. 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 business has a 50-day simple moving average of $280.58 and a 200 day simple moving average of $291.35. The stock has a market cap of $11.07 billion, a P/E ratio of 27.95 and a beta of 1.01. Morningstar, Inc. has a 1-year low of $250.34 and a 1-year high of $365.00.

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

Insider Activity

In related news, Chairman Joseph D. Mansueto sold 7,250 shares of Morningstar stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $256.50, for a total transaction of $1,859,625.00. Following the transaction, the chairman owned 9,373,175 shares of the company's stock, valued at $2,404,219,387.50. The trade was a 0.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 85,500 shares of company stock worth $22,341,957 over the last 90 days. 36.20% of the stock is owned by insiders.

About Morningstar

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.