UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Lowers Stock Position in Morningstar, Inc. $MORN

Key Points

• UBS Asset Management reduced its Morningstar position by 10.5% in the second quarter, selling 7,242 shares and retaining 61,984 shares worth approximately $9.7 million. Institutional investors collectively own 57.02% of the company.
• Morningstar exceeded quarterly expectations, reporting EPS of $3.10 versus the $2.83 consensus and revenue of $663.2 million compared with estimates of $649.7 million.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and a $227.33 target price, although UBS lowered its target to $260 and one firm downgraded the stock to “Hold.”

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its holdings in Morningstar, Inc. (NASDAQ:MORN - Free Report) by 10.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,984 shares of the business services provider's stock after selling 7,242 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.17% of Morningstar worth $9,671,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Dearborn Partners LLC purchased a new position in Morningstar during the 2nd quarter worth $1,321,000. Jefferies Financial Group Inc. purchased a new stake in shares of Morningstar in the second quarter valued at about $574,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Morningstar during the second quarter worth about $903,000. Redwood Investment Management LLC acquired a new stake in shares of Morningstar during the second quarter worth about $2,184,000. Finally, Corient Private Wealth LP purchased a new position in shares of Morningstar during the second quarter worth about $1,184,000. Hedge funds and other institutional investors own 57.02% of the company's stock.

Morningstar Stock Performance

NASDAQ MORN opened at $209.40 on Monday. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 1.66. The business's 50 day moving average is $190.31 and its two-hundred day moving average is $180.00. Morningstar, Inc. has a 12-month low of $141.49 and a 12-month high of $261.37. The stock has a market capitalization of $7.85 billion, a price-to-earnings ratio of 19.83 and a beta of 1.00.

Morningstar (NASDAQ:MORN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The business services provider reported $3.10 EPS for the quarter, beating the consensus estimate of $2.83 by $0.27. Morningstar had a return on equity of 38.57% and a net margin of 16.43%.The business had revenue of $663.20 million during the quarter, compared to analysts' expectations of $649.72 million.

Insider Buying and Selling

In other news, Chairman Joseph Mansueto sold 5,659 shares of the company's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $218.84, for a total transaction of $1,238,415.56. Following the transaction, the chairman directly owned 7,938,192 shares of the company's stock, valued at $1,737,193,937.28. This represents a 0.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 86,500 shares of company stock valued at $17,824,451 over the last three months. 38.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on MORN. Wall Street Zen cut Morningstar from a "buy" rating to a "hold" rating in a research report on Saturday, August 29th. BMO Capital Markets reiterated an "outperform" rating and issued a $212.00 target price on shares of Morningstar in a research note on Friday, June 26th. Rothschild & Co Redburn set a $210.00 target price on Morningstar in a report on Thursday, June 18th. Weiss Ratings upgraded Morningstar from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, August 14th. Finally, UBS Group decreased their price target on Morningstar from $280.00 to $260.00 and set a "buy" rating for the company in a report on Tuesday, July 7th. 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.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $227.33.

Morningstar Company Profile

Morningstar, Inc is a leading provider of independent investment research, data, and analytics, serving both individual investors and financial professionals. The company offers comprehensive coverage of financial products, including mutual funds, exchange-traded funds (ETFs), stocks, bonds and market indexes. Morningstar's proprietary rating systems and research methodologies help clients assess the risk and return profiles of investment opportunities and make informed decisions.

Its core products include Morningstar Direct, an institutional investment analysis platform; Morningstar Office Cloud, a portfolio management solution for advisors; and Morningstar Data, which delivers extensive datasets through APIs and data feeds.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source