STOCK TITAN
  1. Home
  2. Sec-filings
  3. MORN
  4. [Form 4] Morningstar, Inc. Insider Trading Activity

Morningstar (NASDAQ: MORN) chair sells 11,345 shares at ~$213–$218

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Morningstar, Inc. (MORN) reported that Executive Chairman and ten percent owner Joseph D. Mansueto sold 11,345 shares of common stock in the open market on August 20–21, 2026, across seven transactions at weighted average prices between $212.8663 and $217.5665. These sales were made pursuant to a Rule 10b5-1 trading plan adopted on November 19, 2025. Additional shares are held indirectly in various trusts for the benefit of Mansueto and his children.

Positive

  • None.

Negative

  • None.

Insights

Analyzing...

Insider Mansueto Joseph D
Role Executive Chairman
Sold 11,345 shs ($2.44M)
Type Security Shares Price Value
Sale Common Stock F1, F7 3,827 $216.6975 $829K
Sale Common Stock F1, F8 268 $217.5665 $58K
Sale Common Stock F1, F2 3,157 $212.8663 $672K
Sale Common Stock F1, F3 1,359 $214.165 $291K
Sale Common Stock F1, F4 1,938 $215.175 $417K
Sale Common Stock F1, F5 295 $216.1577 $64K
Sale Common Stock F1, F6 501 $217.1331 $109K
holding Common Stock F9 -- -- --
holding Common Stock F10 -- -- --
Holdings After Transaction: Common Stock — 7,943,851 shares (Direct); Common Stock — 6,427,675 shares (Indirect, By Trust)
Footnotes (10)
  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 $212.6650 to $213.5600. 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 $213.7450 to $214.7200. 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.
  4. F4. The transaction was executed in multiple trades at prices ranging from $214.7600 to $215.7100. 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 $215.7800 to $216.6100. 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.
  6. F6. The transaction was executed in multiple trades at prices ranging from $216.9100 to $217.3750. 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 $216.4900 to $217.4700. 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 $217.4900 to $217.6800. 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 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.
  10. F10. 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 11,345 shares Aggregate of seven open-market sales by Joseph D. Mansueto
Sale date 1 August 20, 2026 Date of multiple reported sales of common stock
Sale date 2 August 21, 2026 Date of additional reported sales of common stock
Lowest weighted average sale price $212.8663 per share One of the August 20, 2026 sale transactions
Highest weighted average sale price $217.5665 per share One of the August 21, 2026 sale transactions
Rule 10b5-1 plan adoption date November 19, 2025 Date Mansueto adopted the trading plan used for these sales
Number of sale transactions 7 Count of reported open-market sale entries
Holding entries via trusts 2 Indirect ownership entries noted as held "By Trust"
Rule 10b5-1 trading plan regulatory
"The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1"
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
"reporting person is listed as a ten percent owner of the issuer"

FAQ

What insider transactions did MORN disclose for Joseph D. Mansueto on this Form 4?
Joseph D. Mansueto reported seven open-market sales of Morningstar, Inc. common stock totaling 11,345 shares on August 20–21, 2026, at weighted average prices ranging from $212.8663 to $217.5665, all under a previously adopted Rule 10b5-1 trading plan.

On what dates did Joseph D. Mansueto sell Morningstar (MORN) shares?
Joseph D. Mansueto sold Morningstar, Inc. common stock on August 20, 2026 and August 21, 2026, as disclosed in this Form 4. The filing reports seven separate sale transactions over these two days.

How many Morningstar (MORN) shares did Joseph D. Mansueto sell in this filing?
According to the Form 4 transaction summary, Joseph D. Mansueto sold a total of 11,345 shares of Morningstar, Inc. common stock across seven reported open-market transactions.

At what prices were the Morningstar (MORN) shares sold by Joseph D. Mansueto?
The reported weighted average sale prices ranged from $212.8663 per share to $217.5665 per share. Several transactions were executed in multiple trades within narrower price ranges detailed in the footnotes.

Was the Morningstar (MORN) insider selling done under a Rule 10b5-1 plan?
Yes. A footnote states the sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Joseph D. Mansueto on November 19, 2025.

Does Joseph D. Mansueto hold Morningstar (MORN) shares through trusts?
Yes. Footnotes explain that additional shares are held in grantor retained annuity trusts for the benefit of Mansueto and his children, where he serves as trustee, and in other trusts for his children where his spouse is trustee.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Form 4 Insider Transactions: What Each Field Means →
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)
08/20/2026		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 Stock08/20/2026S(1)3,157D$212.8663(2)7,952,039D
Common Stock08/20/2026S(1)1,359D$214.165(3)7,950,680D
Common Stock08/20/2026S(1)1,938D$215.175(4)7,948,742D
Common Stock08/20/2026S(1)295D$216.1577(5)7,948,447D
Common Stock08/20/2026S(1)501D$217.1331(6)7,947,946D
Common Stock08/21/2026S(1)3,827D$216.6975(7)7,944,119D
Common Stock08/21/2026S(1)268D$217.5665(8)7,943,851D
Common Stock6,277,675IBy Trust(9)
Common Stock150,000IBy Trust(10)
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 $212.6650 to $213.5600. 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 $213.7450 to $214.7200. 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.
4. The transaction was executed in multiple trades at prices ranging from $214.7600 to $215.7100. 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 $215.7800 to $216.6100. 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.
6. The transaction was executed in multiple trades at prices ranging from $216.9100 to $217.3750. 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 $216.4900 to $217.4700. 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 $217.4900 to $217.6800. 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 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.
10. 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 attorney08/21/2026
** 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