Morningstar (MORN) chair Mansueto sells 21,228 shares under 10b5-1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Morningstar, Inc. Executive Chairman Joseph D. Mansueto reported open-market sales of 21,228 shares of Common Stock over May 18–20, 2026. Reported sale prices include $173.1127 and $180.3891 per share, based on multiple trades each day.
The filing states these sales were made under a Rule 10b5-1 trading plan adopted on November 19, 2025, indicating they were pre-arranged rather than timed discretionarily. Following the sales, he holds 8,053,012 shares directly.
In addition, the filing shows indirect holdings of 150,000 shares in grantor retained annuity trusts for his benefit and his children, where he serves as trustee, and 6,277,675 shares in trusts for his children, where his spouse is trustee.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Net Seller: 21,228 shares ($3,718,526)
Net Sell
18 txns
Insider
Mansueto Joseph D
Role
Executive Chairman
Sold
21,228 shs ($3.72M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 5,704 | $171.3247 | $977K |
| Sale | Common Stock | 1,255 | $172.3331 | $216K |
| Sale | Common Stock | 291 | $173.1127 | $50K |
| Sale | Common Stock | 2,629 | $176.6647 | $464K |
| Sale | Common Stock | 1,446 | $178.061 | $257K |
| Sale | Common Stock | 676 | $179.0768 | $121K |
| Sale | Common Stock | 1,726 | $180.3891 | $311K |
| Sale | Common Stock | 227 | $181.0465 | $41K |
| Sale | Common Stock | 24 | $182.135 | $4K |
| Sale | Common Stock | 559 | $171.3338 | $96K |
| Sale | Common Stock | 300 | $172.4283 | $52K |
| Sale | Common Stock | 116 | $173.3755 | $20K |
| Sale | Common Stock | 500 | $174.514 | $87K |
| Sale | Common Stock | 1,620 | $175.8026 | $285K |
| Sale | Common Stock | 3,515 | $176.8454 | $622K |
| Sale | Common Stock | 640 | $177.4179 | $114K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 8,054,558 shares (Direct);
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 $170.7250 to $171.6900. 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 $172.1400 to $172.6150. 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 $173.1600 to $173.4100. 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 $174.1850 to $174.9750. 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 $175.2450 to $176.2200. 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 $176.2450 to $177.2350. 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 $177.2600 to $177.6850. 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 $176.4650 to $177.4500. 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 $177.5900 to $178.4100. 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 $178.6550 to $179.5500. 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 $180.0100 to $180.7450. 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 $181.0200 to $181.2700. 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 $170.8350 to $171.8100. 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 $171.8700 to $172.8100. 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 $172.8800 to $173.3300. 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: 21,228 shares
Example sale price: $173.1127/share
Example sale price: $180.3891/share
+4 more
7 metrics
Shares sold
21,228 shares
Open-market sales on May 18–20, 2026
Example sale price
$173.1127/share
Common Stock open-market sale
Example sale price
$180.3891/share
Common Stock open-market sale
Direct holdings after sales
8,053,012 shares
Common Stock directly owned post-transaction
GRAT trust holdings
150,000 shares
Grantor retained annuity trusts benefiting Mansueto and children
Children’s trust holdings
6,277,675 shares
Trusts for reporting person’s children
10b5-1 plan adoption date
November 19, 2025
Plan governing these sales
Key Terms
Rule 10b5-1 trading plan, weighted average sales price, grantor retained annuity trusts, Form 4, +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 on November 19, 2025."
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.
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.
Form 4 regulatory
"The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan..."
Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.
open market or private transaction financial
"Sale in open market or private transaction"
FAQ
At what prices did Joseph Mansueto sell Morningstar (MORN) stock?
The reported sales include prices such as $173.1127 and $180.3891 per share. Each transaction was executed through multiple trades, with the filing reporting a weighted average sales price for the shares sold.
Was Joseph Mansueto’s Morningstar (MORN) stock sale pre-planned?
Yes. The filing states the sales were made under a Rule 10b5-1 trading plan adopted on November 19, 2025. Such plans pre-arrange trades, reducing the significance of the precise timing of these sales for investors.
What indirect Morningstar (MORN) holdings are reported for Joseph Mansueto?
The filing shows 150,000 shares held in grantor retained annuity trusts benefiting Mansueto and his children, and 6,277,675 shares held in trusts for his children. He serves as trustee for the annuity trusts, while his spouse is trustee of the children’s trusts.
What is a Rule 10b5-1 trading plan in the context of Morningstar (MORN)?
A Rule 10b5-1 trading plan allows insiders to pre-schedule stock trades when they are not aware of material nonpublic information. Mansueto’s Morningstar sales were executed under such a plan adopted on November 19, 2025.