Morningstar, Inc. (MORN) director disposes of 1,000 common shares at $199

Rhea-AI Filing Summary

Morningstar, Inc. director William M. Lyons reported selling 1,000 shares of common stock on 2026-08-03 at $199.00 per share, in a transaction described as a sale in the open market or a private transaction. After this sale, he directly owns 12,904 shares of Morningstar common stock.

Insider Trade Summary

Net Seller: 1,000 shares

Net Sell 1 txn

Insider Lyons William M

Role Director

Sold 1,000 shs ($199K)

Type	Security	Shares	Price	Value
Sale	Common Stock	1,000	$199.00	$199K

Holdings After Transaction: Common Stock — 12,904 shares (Direct)

Key Figures

Shares sold: 1,000 shares Sale price: $199.00 per share Holdings after sale: 12,904 shares

3 metrics

Shares sold 1,000 shares Morningstar common stock sold by director William M. Lyons on 2026-08-03

Sale price $199.00 per share Price per share for the 1,000 Morningstar shares sold

Holdings after sale 12,904 shares Direct Morningstar common stock holdings of William M. Lyons following the transaction

Key Terms

Sale in open market or private transaction, acquired/disposed code, direct ownership

3 terms

Sale in open market or private transaction financial

"transaction_code_description: Sale in open market or private transaction"

acquired/disposed code financial

"acquired_disposed_code "D" denotes a disposition of securities"

direct ownership financial

"ownership_type "direct" indicates shares held directly"

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

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/03/2026 - 06:16 PM Accepted by SEC EDGAR 08/03/2026 - 06:15 PM Learn about SEC filing dates

FAQ

What insider transaction in MORN stock did William M. Lyons report?

William M. Lyons, a director of Morningstar, Inc. (MORN), reported selling 1,000 shares of common stock. The trade occurred on 2026-08-03 and was recorded on a Form 4 insider trading report filed with the SEC.

At what price were the MORN shares sold in William M. Lyons’ Form 4?

The reported sale of Morningstar (MORN) shares by William M. Lyons was executed at $199.00 per share. The filing describes the transaction as a sale in the open market or a private transaction, without specifying which of the two applied.

How many Morningstar (MORN) shares does William M. Lyons hold after the reported sale?

Following the reported sale, William M. Lyons directly holds 12,904 shares of Morningstar (MORN) common stock. This post-transaction balance reflects his remaining direct ownership after disposing of 1,000 shares on 2026-08-03.

Was the MORN insider transaction by William M. Lyons a direct or indirect holding change?

The Form 4 shows the transaction affected direct ownership of Morningstar (MORN) shares by William M. Lyons. The ownership code is listed as “D”, indicating he holds these shares directly rather than through an intermediary entity.

Was William M. Lyons’ MORN share sale made under a Rule 10b5-1 trading plan?

No. The Form 4 indicates the Rule 10b5-1 checkbox is not marked, meaning the reported 1,000-share sale of Morningstar (MORN) common stock was not designated as being executed under a pre-arranged Rule 10b5-1 trading plan.

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).

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^*

Lyons William M

(Last) (First) (Middle)

22 WEST WASHINGTON ST

(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		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/03/2026

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	08/03/2026		S		1,000	D	$199	12,904	D

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:

Remarks:

	/s/ Kathleen Peacock, by power of attorney	08/03/2026
	** 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)