Mansueto trims Morningstar (MORN) stake with 9,520-plan share sale
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Morningstar, Inc. Executive Chairman Joseph D. Mansueto reported open-market sales of a total of 9,520 shares of Morningstar common stock on May 21–22, 2026. The sales were made at prices ranging from $171.6700 to $179.8600 per share and were executed under a Rule 10b5-1 trading plan adopted on November 19, 2025.
After these transactions, Mansueto continues to hold more than 8 million Morningstar shares directly and also has indirect holdings through grantor retained annuity trusts and trusts for his children, which hold 150,000 shares and 6,277,675 shares, respectively.
Positive
- None.
Negative
- None.
Insights
Mansueto sold 9,520 Morningstar shares under a pre-set 10b5-1 plan while retaining a very large stake.
Executive Chairman and 10% owner Joseph D. Mansueto executed a series of open-market sales totaling 9,520 Morningstar common shares on May 21–22, 2026. Sale prices ranged from $171.6700 to $179.8600 per share, reflecting trading across a price range rather than a single block trade.
The filing notes these transactions were made pursuant to a Rule 10b5-1 trading plan adopted on November 19, 2025, indicating the sales were pre-scheduled rather than opportunistic. After the sales, Mansueto still holds more than 8 million shares directly, plus significant indirect holdings in grantor retained annuity trusts and children’s trusts, so the disposition represents only a small portion of his overall position.
Insider Trade Summary 10b5-1
Net Seller: 9,520 shares ($1,651,985)
Net Sell
11 txns
Insider
Mansueto Joseph D
Role
Executive Chairman
Sold
9,520 shs ($1.65M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 317 | $174.0857 | $55K |
| Sale | Common Stock | 114 | $174.9761 | $20K |
| Sale | Common Stock | 741 | $176.3026 | $131K |
| Sale | Common Stock | 578 | $177.0835 | $102K |
| Sale | Common Stock | 293 | $178.3872 | $52K |
| Sale | Common Stock | 227 | $179.5194 | $41K |
| Sale | Common Stock | 5,081 | $172.3272 | $876K |
| Sale | Common Stock | 1,935 | $172.8746 | $335K |
| Sale | Common Stock | 234 | $174.0722 | $41K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 8,045,445 shares (Direct, null);
Common Stock — 6,277,675 shares (Indirect, By Trust)
Footnotes (1)
- The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 19, 2025. The transaction was executed in multiple trades at prices ranging from $171.6700 to $172.6650. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $172.6700 to $173.6600. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $173.7600 to $174.9900. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $173.4100 to $174.3750. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $174.6500 to $175.2700. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $175.8450 to $176.8100. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $176.8650 to $177.6150. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $178.0200 to $178.9700. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $179.1100 to $179.8600. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The shares are held in grantor retained annuity trusts for the benefit of the reporting person and his children. The reporting person serves as trustee of the grantor retained annuity trusts. The shares are held in trusts for the benefit of the reporting person's children. The reporting person's spouse is trustee of the trusts.
Key Figures
Shares sold: 9,520 shares
Sale price range: $171.6700–$179.8600 per share
Direct holdings after sales: Over 8,000,000 shares
+4 more
7 metrics
Shares sold
9,520 shares
Total Morningstar common shares sold on May 21–22, 2026
Sale price range
$171.6700–$179.8600 per share
Price range across reported open-market sales
Direct holdings after sales
Over 8,000,000 shares
Approximate direct Morningstar holdings remaining after reported transactions
GRAT trust holdings
150,000 shares
Grantor retained annuity trusts for Mansueto and his children
Children’s trust holdings
6,277,675 shares
Trusts for the reporting person’s children
Sell transactions count
9 transactions
Number of open-market sale entries in this Form 4
Trading plan adoption date
November 19, 2025
Date the Rule 10b5-1 trading plan was adopted
Key Terms
Rule 10b5-1 trading plan, open-market sale, weighted average sales price, grantor retained annuity trusts, +1 more
5 terms
Rule 10b5-1 trading plan regulatory
"The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
open-market sale financial
"transaction_action": "open-market sale","transaction_code_description": "Sale in open market or private transaction""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
weighted average sales price financial
"The price reported above reflects the weighted average sales price."
grantor retained annuity trusts financial
"The shares are held in grantor retained annuity trusts for the benefit of the reporting person and his children."
A grantor retained annuity trust (GRAT) is an estate-planning tool where an owner transfers assets into a trust and receives fixed payments back for a set number of years; any remaining assets after that period pass to designated beneficiaries. For investors it matters because it can move future investment growth to heirs while potentially reducing gift and estate taxes — like putting a rising asset in a timed box that pays you first and gives the remaining upside to others.
trusts for the benefit of the reporting person's children financial
"The shares are held in trusts for the benefit of the reporting person's children. The reporting person's spouse is trustee of the trusts."
FAQ
What indirect Morningstar (MORN) holdings are disclosed for Joseph Mansueto?
The filing discloses 150,000 Morningstar shares held in grantor retained annuity trusts benefiting Mansueto and his children, where he serves as trustee. It also notes 6,277,675 shares held in trusts for his children, where his spouse serves as trustee.