Morningstar (MORN) executive chairman Mansueto sells 14,500 shares in planned trades
Rhea-AI Filing Summary
Morningstar, Inc. Executive Chairman and 10% owner Joseph D. Mansueto reported open-market sales of 14,500 shares of Morningstar common stock over August 13–14, 2026, in 12 separate transactions at weighted-average prices generally between the high $190s and low $200s per share.
All reported sales were made pursuant to a Rule 10b5-1 trading plan adopted on November 19, 2025. The filing also notes indirect holdings in grantor retained annuity trusts and other trusts for the benefit of the reporting person and his children.
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Insights
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Insider Trade Summary 10b5-1
Net Seller: 14,500 shares
Net Sell
14 txns
Insider
Mansueto Joseph D
Role
Executive Chairman
Sold
14,500 shs ($2.93M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock F1, F9 | 3,924 | $206.2815 | $809K |
| Sale | Common Stock F1, F10 | 2,809 | $207.3288 | $582K |
| Sale | Common Stock F1, F11 | 240 | $208.4503 | $50K |
| Sale | Common Stock F1, F12 | 277 | $209.384 | $58K |
| Sale | Common Stock F1, F2 | 3,498 | $197.0645 | $689K |
| Sale | Common Stock F1, F3 | 2,936 | $197.8752 | $581K |
| Sale | Common Stock F1, F4 | 430 | $198.9596 | $86K |
| Sale | Common Stock F1 | 26 | $199.75 | $5K |
| Sale | Common Stock F1, F5 | 52 | $202.085 | $11K |
| Sale | Common Stock F1, F6 | 78 | $203.7933 | $16K |
| Sale | Common Stock F1, F7 | 52 | $205.6575 | $11K |
| Sale | Common Stock F1, F8 | 178 | $206.784 | $37K |
| holding | Common Stock F13 | -- | -- | -- |
| holding | Common Stock F14 | -- | -- | -- |
Holdings After Transaction:
Common Stock — 7,976,946 shares (Direct);
Common Stock — 6,427,675 shares (Indirect, By Trust)
Footnotes (14)
- 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.
- F2. The transaction was executed in multiple trades at prices ranging from $196.5200 to $197.5025. 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.
- F3. The transaction was executed in multiple trades at prices ranging from $197.5200 to $198.4300. 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.
- F4. The transaction was executed in multiple trades at prices ranging from $198.5350 to $199.5175. 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.
- F5. The transaction was executed in multiple trades at prices ranging from $201.8200 to $202.3500. 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.
- F6. The transaction was executed in multiple trades at prices ranging from $203.3200 to $204.2700. 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.
- F7. The transaction was executed in multiple trades at prices ranging from $205.1850 to $206.1300. 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.
- F8. The transaction was executed in multiple trades at prices ranging from $206.5000 to $207.4100. 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.
- F9. The transaction was executed in multiple trades at prices ranging from $205.8900 to $206.8700. 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.
- F10. The transaction was executed in multiple trades at prices ranging from $206.9050 to $207.8600. 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.
- F11. The transaction was executed in multiple trades at prices ranging from $207.9900 to $208.8700. 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.
- F12. The transaction was executed in multiple trades at prices ranging from $209.1025 to $209.7000. 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.
- F13. 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.
- F14. 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: 14,500 shares
Number of sale transactions: 12
Price range (low end): $196.5200 per share
+3 more
6 metrics
Shares sold
14,500 shares
Total non-derivative Morningstar common shares sold by Joseph D. Mansueto on August 13–14, 2026
Number of sale transactions
12
Count of reported open-market sales of Morningstar common stock in this Form 4
Price range (low end)
$196.5200 per share
Lowest trade price range bound disclosed in the August 13, 2026 sales footnotes
Price range (high end)
$209.7000 per share
Highest trade price range bound disclosed in the August 13, 2026 sales footnotes
Rule 10b5-1 plan adoption date
November 19, 2025
Date the trading plan governing the reported sales was adopted
Holding entries by trust
2
Number of indirect ownership entries reported as held "By Trust"
Key Terms
Rule 10b5-1 trading plan, weighted average sales price, grantor retained annuity trusts, 10% owner, +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"
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.
10% owner financial
"Mansueto Joseph D is listed as Executive Chairman and 10% owner"
indirect ownership financial
"The nature of ownership for certain entries is reported as indirect "By Trust""
FAQ
What insider activity did Morningstar (MORN) disclose in this Form 4?
Morningstar disclosed that Executive Chairman and 10% owner Joseph D. Mansueto sold 14,500 shares of common stock in open-market transactions on August 13–14, 2026. All sales were executed under a pre-arranged Rule 10b5-1 trading plan.
Were the Morningstar (MORN) insider sales made under a Rule 10b5-1 plan?
Yes. The filing states that all reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by Joseph D. Mansueto on November 19, 2025. This plan-based structure is also reflected in the Form 4’s Rule 10b5-1 checkbox.
Does Joseph D. Mansueto have indirect Morningstar (MORN) holdings through trusts?
Yes. The Form 4 notes indirect ownership of Morningstar shares by grantor retained annuity trusts for the benefit of Mansueto and his children, where he serves as trustee, and by trusts for his children where his spouse is trustee.
How many Morningstar (MORN) transactions and holdings entries are reported?
The summary data show 12 non-derivative sale transactions totaling 14,500 shares, along with 2 additional entries reflecting indirect holdings "By Trust." No derivative exercises or gifts are reported in this Form 4 submission.
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