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Morningstar chair sells 21,750 shares in plan

Morningstar, Inc. (MORN) reports that Executive Chairman and ten percent owner Joseph D. Mansueto sold an aggregate of 21,750 shares of common stock in 15 open-market transactions on August 17–19, 2026.

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Form Type
4

Rhea-AI Filing Summary

Morningstar, Inc. (MORN) reports that Executive Chairman and ten percent owner Joseph D. Mansueto sold an aggregate of 21,750 shares of common stock in 15 open-market transactions on August 17–19, 2026. The sales, executed at weighted-average prices between $206.8431 and $217.0109 per share, were made pursuant to a Rule 10b5-1 trading plan adopted on November 19, 2025. Additional shares are held indirectly in grantor retained annuity trusts for his benefit and in trusts for his children.

Insider Mansueto Joseph D
Role Executive Chairman
Sold 21,750 shs ($4.57M)
Type Security Shares Price Value
Sale Common Stock F1, F9 114 $208.2084 $24K
Sale Common Stock F1, F10 680 $210.2439 $143K
Sale Common Stock F1, F11 426 $211.5216 $90K
Sale Common Stock F1, F13 3,031 $213.9596 $649K
Sale Common Stock F1, F14 1,785 $214.8112 $383K
Sale Common Stock F1, F15 369 $215.9257 $80K
Sale Common Stock F1, F16 189 $217.0109 $41K
Sale Common Stock F1, F4 913 $208.1296 $190K
Sale Common Stock F1, F5 1,935 $209.481 $405K
Sale Common Stock F1, F6 2,708 $210.3198 $570K
Sale Common Stock F1, F7 1,588 $211.2599 $335K
Sale Common Stock F1, F8 106 $212.2047 $22K
Sale Common Stock F1, F12 656 $212.534 $139K
Sale Common Stock F1, F2 5,749 $206.8431 $1.19M
Sale Common Stock F1, F3 1,501 $207.8128 $312K
holding Common Stock F17 -- -- --
holding Common Stock F18 -- -- --
Holdings After Transaction: Common Stock — 7,955,196 shares (Direct); Common Stock — 6,427,675 shares (Indirect, By Trust)
Footnotes (18)
  1. F1. 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.
  2. F2. The transaction was executed in multiple trades at prices ranging from $206.4100 to $207.3900. 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. F3. The transaction was executed in multiple trades at prices ranging from $207.4800 to $208.2900. 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. F4. The transaction was executed in multiple trades at prices ranging from $207.8650 to $208.8250. 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. F5. The transaction was executed in multiple trades at prices ranging from $208.8700 to $209.7900. 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. F6. The transaction was executed in multiple trades at prices ranging from $209.8900 to $210.8200. 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. F7. The transaction was executed in multiple trades at prices ranging from $210.8900 to $211.8200. 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. F8. The transaction was executed in multiple trades at prices ranging from $212.0750 to $212.6100. 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. F9. The transaction was executed in multiple trades at prices ranging from $208.1900 to $208.3400. 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. F10. The transaction was executed in multiple trades at prices ranging from $209.7700 to $210.7200. 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. F11. The transaction was executed in multiple trades at prices ranging from $211.0000 to $211.9800. 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. F12. The transaction was executed in multiple trades at prices ranging from $212.2075 to $212.9000. 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.
  13. F13. The transaction was executed in multiple trades at prices ranging from $213.3750 to $214.3575. 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.
  14. F14. The transaction was executed in multiple trades at prices ranging from $214.3850 to $215.3800. 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.
  15. F15. The transaction was executed in multiple trades at prices ranging from $215.3900 to $216.3400. 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.
  16. F16. The transaction was executed in multiple trades at prices ranging from $216.7500 to $217.3275. 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.
  17. F17. 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.
  18. F18. 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.
Total shares sold 21,750 shares Aggregate net shares sold across all reported transactions
Number of sale transactions 15 Count of non-derivative open-market sale transactions reported
Lowest reported weighted-average sale price $206.8431 per share Weighted-average price for 5,749-share sale on August 17, 2026
Highest reported weighted-average sale price $217.0109 per share Weighted-average price for 189-share sale on August 19, 2026
Rule 10b5-1 plan adoption date November 19, 2025 Date Joseph D. Mansueto adopted the trading plan used for these sales
Holding entries via trusts 2 Indirect holdings reported as held "By Trust" with explanatory footnotes
Rule 10b5-1 trading plan regulatory
"The sales were effected pursuant to a Rule 10b5-1 trading plan adopted"
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"
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.
ten percent owner regulatory
"Joseph D Mansueto is identified as a ten percent owner"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Morningstar, Inc. (MORN) disclose for Joseph D. Mansueto?
Morningstar disclosed that Joseph D. Mansueto sold 21,750 shares of Morningstar common stock in 15 open-market transactions on August 17–19, 2026. All reported transactions involved the company’s common stock and were executed at various weighted-average prices.

At what prices were Joseph D. Mansueto’s MORN shares sold in this Form 4 filing?
The reported sales were executed at weighted-average prices between $206.8431 and $217.0109 per share. Several trades were broken into multiple executions within specified intraday price ranges, with each row’s price reflecting the weighted-average sales price for that group.

Was Joseph D. Mansueto’s sale of Morningstar (MORN) stock under a Rule 10b5-1 plan?
Yes. The filing states the sales were effected under a Rule 10b5-1 trading plan adopted by Joseph D. Mansueto on November 19, 2025. Such plans pre-arrange trading activity, reducing the informational significance of transaction timing.

How many individual sale transactions of MORN stock did Joseph D. Mansueto report?
The Form 4 reports 15 separate sale transactions of Morningstar common stock. These occurred across August 17, 18, and 19, 2026, each with its own share amount and weighted-average price, all classified as open-market or private sale transactions.

Does Joseph D. Mansueto hold Morningstar (MORN) shares indirectly through trusts?
Yes. The filing notes shares held in grantor retained annuity trusts for Joseph D. Mansueto and his children, where he serves as trustee, and additional shares held in trusts for his children for which his spouse serves as trustee.

How many shares of Morningstar (MORN) did Joseph D. Mansueto sell on August 17, 2026?
On August 17, 2026, Joseph D. Mansueto reported selling 5,749 shares at a weighted-average price of $206.8431 and 1,501 shares at a weighted-average price of $207.8128. Both transactions were open-market sales of Morningstar common stock.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR
SEC Form 4
FORM 4UNITED 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 ILLINOIS 60602
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Morningstar, Inc. [ MORN ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirectorX10% Owner
XOfficer (give title below)Other (specify below)
Executive Chairman
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
08/17/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Common Stock08/17/2026S(1)5,749D$206.8431(2)7,971,197D
Common Stock08/17/2026S(1)1,501D$207.8128(3)7,969,696D
Common Stock08/18/2026S(1)913D$208.1296(4)7,968,783D
Common Stock08/18/2026S(1)1,935D$209.481(5)7,966,848D
Common Stock08/18/2026S(1)2,708D$210.3198(6)7,964,140D
Common Stock08/18/2026S(1)1,588D$211.2599(7)7,962,552D
Common Stock08/18/2026S(1)106D$212.2047(8)7,962,446D
Common Stock08/19/2026S(1)114D$208.2084(9)7,962,332D
Common Stock08/19/2026S(1)680D$210.2439(10)7,961,652D
Common Stock08/19/2026S(1)426D$211.5216(11)7,961,226D
Common Stock08/18/2026S(1)656D$212.534(12)7,960,570D
Common Stock08/19/2026S(1)3,031D$213.9596(13)7,957,539D
Common Stock08/19/2026S(1)1,785D$214.8112(14)7,955,754D
Common Stock08/19/2026S(1)369D$215.9257(15)7,955,385D
Common Stock08/19/2026S(1)189D$217.0109(16)7,955,196D
Common Stock6,277,675IBy Trust(17)
Common Stock150,000IBy Trust(18)
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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 19, 2025.
2. The transaction was executed in multiple trades at prices ranging from $206.4100 to $207.3900. 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 $207.4800 to $208.2900. 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 $207.8650 to $208.8250. 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 $208.8700 to $209.7900. 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 $209.8900 to $210.8200. 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 $210.8900 to $211.8200. 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 $212.0750 to $212.6100. 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 $208.1900 to $208.3400. 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 $209.7700 to $210.7200. 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 $211.0000 to $211.9800. 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 transaction was executed in multiple trades at prices ranging from $212.2075 to $212.9000. 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.
13. The transaction was executed in multiple trades at prices ranging from $213.3750 to $214.3575. 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.
14. The transaction was executed in multiple trades at prices ranging from $214.3850 to $215.3800. 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.
15. The transaction was executed in multiple trades at prices ranging from $215.3900 to $216.3400. 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.
16. The transaction was executed in multiple trades at prices ranging from $216.7500 to $217.3275. 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.
17. 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.
18. 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 attorney08/19/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

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