Bank of New York Mellon Corp Sells 71,588 Shares of Morningstar, Inc. $MORN

Bank of New York Mellon Corp cut its holdings in shares of Morningstar, Inc. (NASDAQ:MORN) by 26.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 198,589 shares of the business services provider’s stock after selling 71,588 shares during the quarter. Bank of New York Mellon Corp’s holdings in Morningstar were worth $62,343,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MORN. Hughes Financial Services LLC purchased a new position in shares of Morningstar in the first quarter worth about $25,000. IFP Advisors Inc boosted its holdings in Morningstar by 270.3% in the 2nd quarter. IFP Advisors Inc now owns 137 shares of the business services provider’s stock worth $43,000 after buying an additional 100 shares during the period. Larson Financial Group LLC grew 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 valued at $46,000 after buying an additional 152 shares in the last quarter. MAI Capital Management raised its holdings in Morningstar by 37.8% during the 1st quarter. MAI Capital Management now owns 153 shares of the business services provider’s stock valued at $46,000 after acquiring an additional 42 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Morningstar by 23.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 178 shares of the business services provider’s stock worth $53,000 after acquiring an additional 34 shares in the last quarter. Institutional investors own 57.02% of the company’s stock.

Morningstar Stock Performance

NASDAQ:MORN opened at $215.49 on Monday. The stock has a market cap of $8.86 billion, a P/E ratio of 24.52 and a beta of 1.06. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.52. The business’s 50-day moving average price is $231.27 and its two-hundred day moving average price is $269.71. Morningstar, Inc. has a twelve month low of $202.89 and a twelve month high of $365.00.

Morningstar (NASDAQ:MORN) last posted its quarterly earnings data on Wednesday, October 29th. The business services provider reported $2.55 earnings per share for the quarter, topping the consensus estimate of $2.42 by $0.13. Morningstar had a net margin of 15.70% and a return on equity of 24.68%. The company had revenue of $617.40 million for the quarter, compared to analysts’ expectations of $603.29 million.

Insider Activity

In other news, Chairman Joseph D. Mansueto sold 4,093 shares of Morningstar stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $211.61, for a total transaction of $866,119.73. Following the completion of the sale, the chairman directly owned 8,675,304 shares of the company’s stock, valued at approximately $1,835,781,079.44. The trade was a 0.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have sold 78,600 shares of company stock worth $19,210,317. Insiders own 36.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. BMO Capital Markets set a $250.00 price target on Morningstar in a report on Thursday, October 30th. Weiss Ratings restated a “hold (c)” rating on shares of Morningstar in a research note on Wednesday, October 8th. Finally, UBS Group reduced their target price on Morningstar from $350.00 to $320.00 and set a “buy” rating for the company in a report on Thursday, October 30th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $285.00.

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.