Kornitzer Capital Management Inc. KS Sells 463 Shares of Morningstar, Inc. $MORN

Kornitzer Capital Management Inc. KS reduced its position in Morningstar, Inc. (NASDAQ:MORN) by 1.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,841 shares of the business services provider’s stock after selling 463 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Morningstar were worth $7,798,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Hughes Financial Services LLC purchased a new stake in Morningstar in the 1st quarter worth approximately $25,000. IFP Advisors Inc increased its holdings in shares of Morningstar by 270.3% in the second quarter. IFP Advisors Inc now owns 137 shares of the business services provider’s stock worth $43,000 after purchasing an additional 100 shares during the period. Larson Financial Group LLC increased its stake in Morningstar by 5,066.7% in the 1st quarter. Larson Financial Group LLC now owns 155 shares of the business services provider’s stock worth $46,000 after acquiring an additional 152 shares during the last quarter. MAI Capital Management increased its position in shares of Morningstar by 37.8% in the first quarter. MAI Capital Management now owns 153 shares of the business services provider’s stock worth $46,000 after purchasing an additional 42 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Morningstar by 23.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 178 shares of the business services provider’s stock worth $53,000 after purchasing an additional 34 shares during the last quarter. Hedge funds and other institutional investors own 57.02% of the company’s stock.

Morningstar Trading Up 0.7%

MORN stock opened at $219.54 on Friday. Morningstar, Inc. has a one year low of $210.02 and a one year high of $365.00. The company has a market capitalization of $9.26 billion, a PE ratio of 23.38 and a beta of 1.00. The company’s 50 day moving average price is $240.82 and its two-hundred day moving average price is $274.12. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.13 and a current ratio of 1.13.

Morningstar (NASDAQ:MORN) last issued its earnings results on Wednesday, July 30th. The business services provider reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.19. The company had revenue of $605.10 million for the quarter, compared to analysts’ expectations of $605.84 million. Morningstar had a net margin of 17.22% and a return on equity of 23.54%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MORN. Weiss Ratings reiterated a “hold (c)” rating on shares of Morningstar in a research report on Saturday. Wall Street Zen lowered shares of Morningstar from a “buy” rating to a “hold” rating in a research report on Saturday, July 5th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Morningstar presently has a consensus rating of “Moderate Buy” and an average target price of $355.00.

Insider Activity at Morningstar

In other news, Chairman Joseph D. Mansueto sold 7,250 shares of the business’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $256.50, for a total value of $1,859,625.00. Following the completion of the sale, the chairman owned 9,373,175 shares of the company’s stock, valued at approximately $2,404,219,387.50. The trade was a 0.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold a total of 85,500 shares of company stock valued at $22,341,957 in the last quarter. 36.20% of the stock is currently owned by insiders.

Morningstar Profile

Morningstar, Inc provides independent investment insights in the United States, Asia. Australia, Continental Europe, the United Kingdom, and internationally. The company operates in five segments: Morningstar Data and Analytics; PitchBook; Morningstar Wealth; Morningstar Credit; and Morningstar Retirement.