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[Form 4] Morningstar, Inc. Insider Trading Activity

Filing Impact
(High)
Filing Sentiment
(Negative)
Form Type
4
Rhea-AI Filing Summary

Morningstar, Inc. (MORN) Form 4: Joseph D. Mansueto, Executive Chairman, reported multiple sales of Morningstar common stock executed under a Rule 10b5-1 trading plan adopted November 15, 2024. Between August 20 and August 22, 2025, the filings show a series of dispositions totaling 15,514 shares across multiple trades with weighted-average prices ranging from about $259.37 to $265.90. The filing records the reporting person’s continuing beneficial ownership after these transactions at approximately 9.32 million shares (directly held) and discloses shares held indirectly in trusts of 5,336,106 and 150,000 for the benefit of the reporting person and his children. All sales are identified with code S and described as effected pursuant to the 10b5-1 plan.

Morningstar, Inc. (MORN) Form 4: Joseph D. Mansueto, Presidente esecutivo, ha segnalato più vendite di azioni ordinarie Morningstar eseguite nell'ambito di un piano di trading ai sensi della Rule 10b5-1 adottato il 15 novembre 2024. Tra il 20 e il 22 agosto 2025 le comunicazioni mostrano una serie di cessioni per un totale di 15.514 azioni in più operazioni, con prezzi medi ponderati compresi tra circa $259,37 e $265,90. Dopo queste transazioni la dichiarazione registra la partecipazione beneficiaria continuativa del dichiarante pari a circa 9,32 milioni di azioni (in possesso diretto) e rivela azioni detenute indirettamente in trust per un totale di 5.336.106 e 150.000 a beneficio del dichiarante e dei suoi figli. Tutte le vendite sono identificate con il codice S e descritte come effettuate in conformità al piano 10b5-1.

Morningstar, Inc. (MORN) Form 4: Joseph D. Mansueto, Presidente Ejecutivo, informó múltiples ventas de acciones ordinarias de Morningstar ejecutadas bajo un plan de negociación conforme a la Rule 10b5-1 adoptado el 15 de noviembre de 2024. Entre el 20 y el 22 de agosto de 2025, los informes muestran una serie de disposiciones que suman 15.514 acciones en varias operaciones, con precios ponderados medios que oscilan entre aproximadamente $259,37 y $265,90. El formulario registra la participación beneficiaria continuada del informante tras estas operaciones en aproximadamente 9,32 millones de acciones (tenencia directa) y divulga acciones mantenidas de forma indirecta en fideicomisos por 5.336.106 y 150.000 en beneficio del informante y sus hijos. Todas las ventas aparecen con el código S y se describen como realizadas conforme al plan 10b5-1.

Morningstar, Inc. (MORN) Form 4: 집행 의장 Joseph D. Mansueto는 2024년 11월 15일 채택된 Rule 10b5-1 거래계획에 따라 다수의 Morningstar 보통주 매각을 보고했습니다. 2025년 8월 20일부터 8월 22일까지 제출서류에는 여러 건의 거래로 합계 15,514주가 처분된 것으로 표시되며, 가중평균 가격은 대략 $259.37에서 $265.90 사이였습니다. 이들 거래 후 신고인의 계속된 실질 보유는 약 932만 주(직접 보유)로 기록되어 있고, 신고인 및 그의 자녀를 위한 신탁에 간접 보유된 주식으로 5,336,106주와 150,000주가 공개되어 있습니다. 모든 매각은 코드 S로 표기되며 10b5-1 계획에 따라 실행된 것으로 설명되어 있습니다.

Morningstar, Inc. (MORN) Form 4 : Joseph D. Mansueto, président exécutif, a déclaré plusieurs ventes d'actions ordinaires Morningstar réalisées dans le cadre d'un plan de négociation Rule 10b5-1 adopté le 15 novembre 2024. Entre le 20 et le 22 août 2025, les dépôts montrent une série de cessions totalisant 15 514 actions réparties sur plusieurs transactions, avec des prix moyens pondérés allant d'environ 259,37 $ à 265,90 $. Le dépôt indique la détention bénéficiaire continue du déclarant après ces opérations à environ 9,32 millions d'actions (détention directe) et révèle des actions détenues indirectement dans des trusts de 5 336 106 et 150 000 au bénéfice du déclarant et de ses enfants. Toutes les ventes sont identifiées par le code S et décrites comme effectuées en vertu du plan 10b5-1.

Morningstar, Inc. (MORN) Form 4: Joseph D. Mansueto, Executive Chairman, meldete mehrere Verkäufe von Morningstar-Stammaktien, die im Rahmen eines nach Rule 10b5-1 eingerichteten Handelsplans ausgeführt wurden (Plan angenommen am 15. November 2024). Zwischen dem 20. und 22. August 2025 weisen die Meldungen eine Reihe von Veräußerungen mit insgesamt 15.514 Aktien in mehreren Transaktionen aus, mit gewichteten Durchschnittspreisen von etwa $259,37 bis $265,90. Nach diesen Transaktionen verzeichnet die Einreichung das fortbestehende wirtschaftliche Eigentum des Meldenden von rund 9,32 Millionen Aktien (direkter Besitz) und legt indirekt in Trusts gehaltene Aktien in Höhe von 5.336.106 und 150.000 offen, zugunsten des Meldenden bzw. seiner Kinder. Alle Verkäufe sind mit Code S gekennzeichnet und als gemäß dem 10b5-1-Plan ausgeführt beschrieben.

Positive
  • Sales executed under a Rule 10b5-1 plan, indicating pre-arranged, compliant insider trading
  • Detailed pricing ranges and weighted-average prices disclosed for each grouped transaction
  • Direct and indirect ownership disclosed, including trust holdings and trustee roles
Negative
  • None.

Insights

TL;DR: Insider executed planned sales totaling 15,514 shares under a pre-existing 10b5-1 plan; ownership remains multi-million shares.

The Form 4 shows sequential dispositions by Morningstar Executive Chairman Joseph Mansueto over three calendar days, executed under a Rule 10b5-1 selling plan adopted November 15, 2024. The aggregate disclosed volume of 15,514 shares was sold at weighted-average prices reported between approximately $259.37 and $265.90. After these disposals the reporting person’s direct beneficial ownership remains about 9.32 million shares, with additional shares held indirectly in two trusts (5,336,106 and 150,000). For investors, these entries document routine, rule-compliant liquidity activity by a long-standing insider rather than an ad hoc sale event.

TL;DR: Sales were conducted under a documented 10b5-1 plan, which supports compliance with insider-trading rules.

The filing explicitly states the sales were effected pursuant to a Rule 10b5-1 trading plan and includes explanatory notes that each reported weighted-average price reflects multiple executions. The 10b5-1 adoption date of November 15, 2024 is disclosed, and a power-of-attorney signature is provided. The disclosure of trust holdings and trustee roles clarifies indirect ownership. From a governance perspective, the filing contains the expected compliance disclosures and trustee information required for transparency.

Morningstar, Inc. (MORN) Form 4: Joseph D. Mansueto, Presidente esecutivo, ha segnalato più vendite di azioni ordinarie Morningstar eseguite nell'ambito di un piano di trading ai sensi della Rule 10b5-1 adottato il 15 novembre 2024. Tra il 20 e il 22 agosto 2025 le comunicazioni mostrano una serie di cessioni per un totale di 15.514 azioni in più operazioni, con prezzi medi ponderati compresi tra circa $259,37 e $265,90. Dopo queste transazioni la dichiarazione registra la partecipazione beneficiaria continuativa del dichiarante pari a circa 9,32 milioni di azioni (in possesso diretto) e rivela azioni detenute indirettamente in trust per un totale di 5.336.106 e 150.000 a beneficio del dichiarante e dei suoi figli. Tutte le vendite sono identificate con il codice S e descritte come effettuate in conformità al piano 10b5-1.

Morningstar, Inc. (MORN) Form 4: Joseph D. Mansueto, Presidente Ejecutivo, informó múltiples ventas de acciones ordinarias de Morningstar ejecutadas bajo un plan de negociación conforme a la Rule 10b5-1 adoptado el 15 de noviembre de 2024. Entre el 20 y el 22 de agosto de 2025, los informes muestran una serie de disposiciones que suman 15.514 acciones en varias operaciones, con precios ponderados medios que oscilan entre aproximadamente $259,37 y $265,90. El formulario registra la participación beneficiaria continuada del informante tras estas operaciones en aproximadamente 9,32 millones de acciones (tenencia directa) y divulga acciones mantenidas de forma indirecta en fideicomisos por 5.336.106 y 150.000 en beneficio del informante y sus hijos. Todas las ventas aparecen con el código S y se describen como realizadas conforme al plan 10b5-1.

Morningstar, Inc. (MORN) Form 4: 집행 의장 Joseph D. Mansueto는 2024년 11월 15일 채택된 Rule 10b5-1 거래계획에 따라 다수의 Morningstar 보통주 매각을 보고했습니다. 2025년 8월 20일부터 8월 22일까지 제출서류에는 여러 건의 거래로 합계 15,514주가 처분된 것으로 표시되며, 가중평균 가격은 대략 $259.37에서 $265.90 사이였습니다. 이들 거래 후 신고인의 계속된 실질 보유는 약 932만 주(직접 보유)로 기록되어 있고, 신고인 및 그의 자녀를 위한 신탁에 간접 보유된 주식으로 5,336,106주와 150,000주가 공개되어 있습니다. 모든 매각은 코드 S로 표기되며 10b5-1 계획에 따라 실행된 것으로 설명되어 있습니다.

Morningstar, Inc. (MORN) Form 4 : Joseph D. Mansueto, président exécutif, a déclaré plusieurs ventes d'actions ordinaires Morningstar réalisées dans le cadre d'un plan de négociation Rule 10b5-1 adopté le 15 novembre 2024. Entre le 20 et le 22 août 2025, les dépôts montrent une série de cessions totalisant 15 514 actions réparties sur plusieurs transactions, avec des prix moyens pondérés allant d'environ 259,37 $ à 265,90 $. Le dépôt indique la détention bénéficiaire continue du déclarant après ces opérations à environ 9,32 millions d'actions (détention directe) et révèle des actions détenues indirectement dans des trusts de 5 336 106 et 150 000 au bénéfice du déclarant et de ses enfants. Toutes les ventes sont identifiées par le code S et décrites comme effectuées en vertu du plan 10b5-1.

Morningstar, Inc. (MORN) Form 4: Joseph D. Mansueto, Executive Chairman, meldete mehrere Verkäufe von Morningstar-Stammaktien, die im Rahmen eines nach Rule 10b5-1 eingerichteten Handelsplans ausgeführt wurden (Plan angenommen am 15. November 2024). Zwischen dem 20. und 22. August 2025 weisen die Meldungen eine Reihe von Veräußerungen mit insgesamt 15.514 Aktien in mehreren Transaktionen aus, mit gewichteten Durchschnittspreisen von etwa $259,37 bis $265,90. Nach diesen Transaktionen verzeichnet die Einreichung das fortbestehende wirtschaftliche Eigentum des Meldenden von rund 9,32 Millionen Aktien (direkter Besitz) und legt indirekt in Trusts gehaltene Aktien in Höhe von 5.336.106 und 150.000 offen, zugunsten des Meldenden bzw. seiner Kinder. Alle Verkäufe sind mit Code S gekennzeichnet und als gemäß dem 10b5-1-Plan ausgeführt beschrieben.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
 Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Mansueto Joseph D
(Last) (First) (Middle)
22 W. WASHINGTON
(Street)
CHICAGO IL 60602
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Morningstar, Inc. [ MORN ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
X Officer (give title below) Other (specify below)
Executive Chairman
3. Date of Earliest Transaction (Month/Day/Year)
08/20/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 08/20/2025 S(1) 4,323 D $259.9137(2) 9,335,908 D
Common Stock 08/20/2025 S(1) 2,446 D $260.6885(3) 9,333,462 D
Common Stock 08/20/2025 S(1) 455 D $261.8085(4) 9,333,007 D
Common Stock 08/20/2025 S(1) 26 D $262.405 9,332,981 D
Common Stock 08/21/2025 S(1) 1,014 D $261.4228(5) 9,331,967 D
Common Stock 08/22/2025 S(1) 465 D $260.5815(6) 9,331,502 D
Common Stock 08/22/2025 S(1) 691 D $261.8074(7) 9,330,811 D
Common Stock 08/22/2025 S(1) 948 D $262.7693(8) 9,329,863 D
Common Stock 08/22/2025 S(1) 1,596 D $264.0481(9) 9,328,267 D
Common Stock 08/22/2025 S(1) 2,846 D $265.0431(10) 9,325,421 D
Common Stock 08/22/2025 S(1) 704 D $265.6668(11) 9,324,717 D
Common Stock 5,336,106 I By Trust(12)
Common Stock 150,000 I By Trust(13)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
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 15, 2024.
2. The transaction was executed in multiple trades at prices ranging from $259.3700 to $260.3500. 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.
3. The transaction was executed in multiple trades at prices ranging from $260.3700 to $261.3075. 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.
4. The transaction was executed in multiple trades at prices ranging from $261.3800 to $262.3100. 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.
5. The transaction was executed in multiple trades at prices ranging from $261.3300 to $261.6200. 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.
6. The transaction was executed in multiple trades at prices ranging from $259.9850 to $260.9100. 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.
7. The transaction was executed in multiple trades at prices ranging from $261.3000 to $262.1200. 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.
8. The transaction was executed in multiple trades at prices ranging from $262.3100 to $263.2800. 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.
9. The transaction was executed in multiple trades at prices ranging from $263.3200 to $264.3100. 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.
10. The transaction was executed in multiple trades at prices ranging from $264.3550 to $265.3500. 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.
11. The transaction was executed in multiple trades at prices ranging from $265.4150 to $265.9000. 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.
12. 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.
13. 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.
Remarks:
/s/ Kathleen Peacock, by power of attorney 08/22/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did Joseph D. Mansueto report on the Form 4 for MORN?

He reported multiple sales of Morningstar common stock totaling 15,514 shares executed August 20–22, 2025 under a Rule 10b5-1 plan.

Were the sales part of a pre-existing trading plan?

Yes. The Form 4 states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on November 15, 2024.

What price range did the reported transactions cover?

Weighted-average prices reported reflect execution ranges approximately from $259.37 up to $265.90 across the various trades.

How many shares does the filing show Mansueto beneficially owned after the reported transactions?

Direct beneficial ownership after the transactions is shown at approximately 9.32 million shares.

Does the Form 4 disclose any indirect holdings?

Yes. The filing discloses shares held indirectly in trusts of 5,336,106 and 150,000 shares for the benefit of the reporting person and his children.
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Morningstar

NASDAQ:MORN

MORN Rankings

#847 Ranked by Market Cap
#2148 Ranked by Dividends

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MORN Latest SEC Filings

Aug 19, 2025
[Form 4] Morningstar, Inc. Insider Trading Activity
Aug 14, 2025
[Form 4] Morningstar, Inc. Insider Trading Activity
Aug 11, 2025
[Form 4] Morningstar, Inc. Insider Trading Activity
Aug 6, 2025
[Form 4] Morningstar, Inc. Insider Trading Activity
Aug 5, 2025
[8-K] Morningstar, Inc. Reports Material Event

MORN Stock Data

11.06B
23.29M
44.82%
61.92%
1.22%
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