Cannon Global Investment Management LLC Buys New Stake in Morningstar, Inc. (NASDAQ:MORN)

by · The Cerbat Gem

Cannon Global Investment Management LLC bought a new stake in Morningstar, Inc. (NASDAQ:MORN – Free Report) during the third quarter, HoldingsChannel.com reports. The fund bought 900 shares of the business services provider’s stock, valued at approximately $287,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Angeles Wealth Management LLC bought a new stake in Morningstar in the third quarter valued at about $295,000. Harbor Capital Advisors Inc. increased its stake in Morningstar by 111.9% in the third quarter. Harbor Capital Advisors Inc. now owns 5,589 shares of the business services provider’s stock valued at $1,784,000 after acquiring an additional 2,952 shares during the period. Janney Montgomery Scott LLC increased its stake in Morningstar by 14.2% in the third quarter. Janney Montgomery Scott LLC now owns 3,283 shares of the business services provider’s stock valued at $1,048,000 after acquiring an additional 407 shares during the period. Farther Finance Advisors LLC boosted its position in Morningstar by 93.6% in the third quarter. Farther Finance Advisors LLC now owns 182 shares of the business services provider’s stock valued at $58,000 after buying an additional 88 shares in the last quarter. Finally, Fonville Wealth Management LLC acquired a new position in Morningstar in the third quarter valued at about $216,000. Institutional investors own 57.02% of the company’s stock.

Insider Transactions at Morningstar

In related news, Chairman Joseph D. Mansueto sold 9,062 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $302.64, for a total value of $2,742,523.68. Following the transaction, the chairman now directly owns 10,631,706 shares in the company, valued at $3,217,579,503.84. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Chairman Joseph D. Mansueto sold 9,062 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $302.64, for a total value of $2,742,523.68. Following the transaction, the chairman now directly owns 10,631,706 shares in the company, valued at $3,217,579,503.84. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William M. Lyons sold 750 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $311.60, for a total transaction of $233,700.00. Following the completion of the transaction, the director now owns 14,340 shares in the company, valued at $4,468,344. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 57,547 shares of company stock worth $17,771,996. Corporate insiders own 39.90% of the company’s stock.

Morningstar Price Performance

Shares of MORN stock traded up $0.36 during trading hours on Friday, reaching $328.41. 151,632 shares of the company were exchanged, compared to its average volume of 127,506. Morningstar, Inc. has a fifty-two week low of $255.52 and a fifty-two week high of $349.07. The stock’s fifty day moving average is $323.12 and its two-hundred day moving average is $308.04. The company has a market cap of $14.08 billion, a price-to-earnings ratio of 43.38 and a beta of 1.18. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.14 and a quick ratio of 1.05.

Morningstar (NASDAQ:MORN – Get Free Report) last announced its earnings results on Wednesday, October 23rd. The business services provider reported $2.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.01). Morningstar had a return on equity of 23.28% and a net margin of 14.69%. The company had revenue of $569.40 million for the quarter.

Morningstar Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 4th were given a dividend of $0.405 per share. The ex-dividend date was Friday, October 4th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 0.49%. Morningstar’s payout ratio is 21.40%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on MORN shares. Redburn Atlantic lowered shares of Morningstar from a “buy” rating to a “neutral” rating and set a $340.00 price target on the stock. in a research report on Wednesday, October 9th. BMO Capital Markets restated an “outperform” rating and issued a $352.00 price target on shares of Morningstar in a research report on Wednesday, August 28th. Finally, UBS Group started coverage on shares of Morningstar in a research report on Tuesday, October 8th. They issued a “buy” rating and a $390.00 price target on the stock. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Morningstar presently has a consensus rating of “Moderate Buy” and a consensus target price of $360.67.

Check Out Our Latest Analysis on MORN

About Morningstar

(Free Report)

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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