Morningstar chair sells 14,500 shares under 10b5-1
Morningstar, Inc. Executive Chairman and major shareholder Joseph D. Mansueto reported open-market sales of a total of 14,500 shares of Morningstar common stock on May 14–15, 2026.
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Form Type
4
Rhea-AI Filing Summary
Morningstar, Inc. Executive Chairman and major shareholder Joseph D. Mansueto reported open-market sales of a total of 14,500 shares of Morningstar common stock on May 14–15, 2026. The trades were executed at weighted average prices ranging from about $165.60 to $171.47 per share.
These sales were carried out under a pre-arranged Rule 10b5-1 trading plan adopted on November 19, 2025. Following the reported transactions, Mansueto directly holds 8,074,240 Morningstar shares and has additional indirect holdings through trusts totaling 150,000 shares in grantor retained annuity trusts and 6,277,675 shares in trusts for his children.
Insider Trade Summary 10b5-1
Net Seller: 14,500 shares
Net Sell
12 txns
Insider
Mansueto Joseph D
Role
Executive Chairman
Sold
14,500 shs ($2.45M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 704 | $167.4899 | $118K |
| Sale | Common Stock | 1,525 | $168.6649 | $257K |
| Sale | Common Stock | 4,237 | $169.5902 | $719K |
| Sale | Common Stock | 584 | $170.7436 | $100K |
| Sale | Common Stock | 200 | $171.47 | $34K |
| Sale | Common Stock | 1,138 | $165.6008 | $188K |
| Sale | Common Stock | 1,236 | $166.8096 | $206K |
| Sale | Common Stock | 794 | $167.7387 | $133K |
| Sale | Common Stock | 3,373 | $168.9652 | $570K |
| Sale | Common Stock | 709 | $169.5198 | $120K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 8,074,240 shares (Direct);
Common Stock — 6,427,675 shares (Indirect, By Trust)
Footnotes (12)
- 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 $165.2200 to $166.2000. 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 $166.3200 to $167.2400. 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 $167.3700 to $168.3000. 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 $168.4800 to $169.4500. 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 $169.5050 to $169.7350. 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 $167.1700 to $167.9700. 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 $168.1800 to $169.1750. 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 $169.1900 to $170.1750. 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 $170.2550 to $171.1200. 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 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.
- F12. 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
Sale price high: $171.47 per share
Sale price low (example): $165.6008 per share
+5 more
8 metrics
Shares sold
14,500 shares
Total net shares sold across May 14–15, 2026
Sale price high
$171.47 per share
Highest reported weighted average sale price
Sale price low (example)
$165.6008 per share
Lowest reported weighted average sale price line
Direct holdings after trades
8,074,240 shares
Common stock directly owned following reported transactions
Grantor retained annuity trusts
150,000 shares
Indirect holdings in grantor retained annuity trusts
Children’s trusts holdings
6,277,675 shares
Indirect holdings in trusts for reporting person’s children
Sell transactions count
10 transactions
Number of open-market sale line items reported
Net-sell direction
14,500 net shares sold
transactionSummary netBuySellShares and netBuySellDirection
Key Terms
Rule 10b5-1 trading plan, weighted average sales price, grantor retained annuity trusts, indirect ownership, +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 of the reporting person..."
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.
indirect ownership financial
"The shares are held in trusts for the benefit of the reporting person's children."
open-market sale financial
"Sale in open market or private transaction"
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
Does this Morningstar (MORN) Form 4 show a pre-planned trading arrangement?
Yes. The filing states the sales were made under a Rule 10b5-1 trading plan adopted on November 19, 2025. Such plans are pre-established arrangements that schedule trades in advance, reducing the significance of trade timing as a discretionary decision.
What indirect Morningstar (MORN) holdings are reported for Joseph Mansueto in trusts?
The filing notes 150,000 shares held in grantor retained annuity trusts benefiting Mansueto and his children, where he is trustee. It also reports 6,277,675 shares in trusts for his children, where his spouse serves as trustee.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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