State of Alaska Department of Revenue Buys 2,320 Shares of Morningstar, Inc. $MORN

Key Points

• The State of Alaska Department of Revenue increased its stake in Morningstar, Inc. by 15.2%, accumulating a total of 17,557 shares worth approximately $5.5 million.
• Several institutional investors, including Hughes Financial Services LLC and MAI Capital Management, have also made significant adjustments to their holdings in Morningstar, contributing to a total institutional ownership of 57.02%.
• Morningstar received a rating downgrade from buy to hold from Wall Street analysts, with an average price target of $361.67.

State of Alaska Department of Revenue boosted its stake in Morningstar, Inc. (NASDAQ:MORN - Free Report) by 15.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,557 shares of the business services provider's stock after purchasing an additional 2,320 shares during the period. State of Alaska Department of Revenue's holdings in Morningstar were worth $5,511,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Hughes Financial Services LLC bought a new position in shares of Morningstar in the first quarter worth approximately $25,000. MAI Capital Management raised its position in shares of Morningstar by 37.8% during the first quarter. MAI Capital Management now owns 153 shares of the business services provider's stock valued at $46,000 after buying an additional 42 shares during the last quarter. Larson Financial Group LLC raised its position in shares of Morningstar by 5,066.7% during the first quarter. Larson Financial Group LLC now owns 155 shares of the business services provider's stock valued at $46,000 after buying an additional 152 shares during the last quarter. Blue Trust Inc. raised its position in shares of Morningstar by 172.3% during the first quarter. Blue Trust Inc. now owns 177 shares of the business services provider's stock valued at $53,000 after buying an additional 112 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Morningstar by 23.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 178 shares of the business services provider's stock valued at $53,000 after buying an additional 34 shares during the last quarter. 57.02% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen cut 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 company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $361.67.

Insider Buying and Selling at Morningstar

In other news, Chairman Joseph D. Mansueto sold 7,250 shares of the business's 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 approximately $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 can be accessed through the SEC website. Over the last 90 days, insiders sold 85,500 shares of company stock worth $22,341,957. Insiders own 36.20% of the company's stock.

Morningstar Stock Up 1.4%

NASDAQ MORN opened at $234.90 on Monday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.13 and a current ratio of 1.13. The company has a market capitalization of $9.91 billion, a P/E ratio of 25.02 and a beta of 1.01. Morningstar, Inc. has a one year low of $230.09 and a one year high of $365.00. The stock has a 50 day moving average price of $259.41 and a 200-day moving average price of $283.24.

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

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.

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