Morningstar chairman Mansueto sells 21,885 shares

Available on EDGAR 11/12/2026 - 05:14 PM EST Accepted by SEC EDGAR 11/12/2026 - 05:14 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Morningstar, Inc. (MORN) Executive Chairman Joseph D. Mansueto reported direct sales of 21,885 shares of common stock in nine transactions from November 9 through November 12, 2026. The sales were made under a Rule 10b5-1 trading plan adopted June 8, 2026. For sales reported as multiple trades, the listed per-share prices are weighted averages.

Insider Trade Summary 10b5-1

Net Seller: 21,885 shares

Net Sell 9 txns

Insider Mansueto Joseph D

Role Executive Chairman

Sold 21,885 shs ($5.39M)

Type	Security	Shares	Price	Value
Sale	Common Stock F1, F9	135	$250.1402	$34K
Sale	Common Stock F1, F7	5,945	$247.0023	$1.47M
Sale	Common Stock F1, F8	1,301	$247.8004	$322K
Sale	Common Stock F1	4	$248.53	$994.12
Sale	Common Stock F1, F6	7,250	$246.4432	$1.79M
Sale	Common Stock F1, F2	4,883	$245.1847	$1.20M
Sale	Common Stock F1, F3	1,308	$246.1581	$322K
Sale	Common Stock F1, F4	1,023	$246.8396	$253K
Sale	Common Stock F1, F5	36	$247.7983	$9K
Holding	Common Stock F10	--	--	--
Holding	Common Stock F11	--	--	--

Holdings After Transaction: Common Stock — 8,565,294 shares (Direct); Common Stock — 5,750,034 shares (Indirect, By Trust)

Footnotes (11)

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 June 8, 2026.
2. F2. The transaction was executed in multiple trades at prices ranging from $244.6100 to $245.6000. 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 $245.6100 to $246.6000. 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 $246.6100 to $247.6000. 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 $247.6100 to $248.0200. 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 $246.1500 to $246.9500. 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 $246.4800 to $247.4700. 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 $247.4800 to $248.4600. 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 $250.0500 to $250.3500. 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.
10. F10. 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.
11. F11. 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: 21,885 shares Rule 10b5-1 plan adoption: June 8, 2026 Sale transactions: 9 transactions

3 metrics

Shares sold 21,885 shares Nine direct common-stock sale transactions from November 9 through November 12, 2026

Rule 10b5-1 plan adoption June 8, 2026 Plan covering the reported sales

Sale transactions 9 transactions Direct common-stock sales

Key Terms

Rule 10b5-1 trading plan, weighted average sales price, grantor retained annuity trusts

3 terms

Rule 10b5-1 trading plan regulatory

"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

"reflects the weighted average sales price"

grantor retained annuity trusts financial

"held in grantor retained annuity trusts"

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.

FAQ

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

How many MORN shares did Executive Chairman Joseph D. Mansueto sell?

Joseph D. Mansueto sold 21,885 shares in nine direct common-stock transactions from November 9 through November 12, 2026, under a Rule 10b5-1 trading plan adopted June 8, 2026.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

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 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)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/09/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/09/2026		S(1)		4,883	D	$245.1847(2)	8,582,296	D
Common Stock	11/09/2026		S(1)		1,308	D	$246.1581(3)	8,580,988	D
Common Stock	11/09/2026		S(1)		1,023	D	$246.8396(4)	8,579,965	D
Common Stock	11/09/2026		S(1)		36	D	$247.7983(5)	8,579,929	D
Common Stock	11/10/2026		S(1)		7,250	D	$246.4432(6)	8,572,679	D
Common Stock	11/11/2026		S(1)		5,945	D	$247.0023(7)	8,566,734	D
Common Stock	11/11/2026		S(1)		1,301	D	$247.8004(8)	8,565,433	D
Common Stock	11/11/2026		S(1)		4	D	$248.53	8,565,429	D
Common Stock	11/12/2026		S(1)		135	D	$250.1402(9)	8,565,294	D
Common Stock								5,600,034	I	By Trust(10)
Common Stock								150,000	I	By Trust(11)

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 June 8, 2026.

2. The transaction was executed in multiple trades at prices ranging from $244.6100 to $245.6000. 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 $245.6100 to $246.6000. 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 $246.6100 to $247.6000. 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 $247.6100 to $248.0200. 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 $246.1500 to $246.9500. 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 $246.4800 to $247.4700. 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 $247.4800 to $248.4600. 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 $250.0500 to $250.3500. 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.

10. 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.

11. 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	11/12/2026
	** 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.
* Form 4: SEC 1474 (03-26)