Confluence Investment Management LLC Takes $20.99 Million Position in Morningstar, Inc. (NASDAQ:MORN)

Confluence Investment Management LLC purchased a new stake in shares of Morningstar, Inc. (NASDAQ:MORN) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 68,054 shares of the business services provider’s stock, valued at approximately $20,986,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. PNC Financial Services Group Inc. raised its holdings in Morningstar by 26.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,222 shares of the business services provider’s stock worth $350,000 after purchasing an additional 257 shares during the period. Vanguard Group Inc. raised its holdings in Morningstar by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 2,576,670 shares of the business services provider’s stock worth $737,546,000 after purchasing an additional 23,812 shares during the period. Wellington Management Group LLP raised its holdings in Morningstar by 45.9% in the 4th quarter. Wellington Management Group LLP now owns 509,486 shares of the business services provider’s stock worth $145,835,000 after purchasing an additional 160,281 shares during the period. Teachers Retirement System of The State of Kentucky raised its holdings in Morningstar by 6.6% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 8,420 shares of the business services provider’s stock worth $2,410,000 after purchasing an additional 520 shares during the period. Finally, Point72 Europe London LLP bought a new position in Morningstar in the 4th quarter worth $1,756,000. 57.02% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on MORN shares. StockNews.com raised Morningstar from a “hold” rating to a “buy” rating in a report on Thursday, February 29th. TheStreet raised Morningstar from a “c” rating to a “b” rating in a report on Friday, February 23rd.

Insider Activity

In other news, Chairman Joseph D. Mansueto sold 8,954 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $294.34, for a total transaction of $2,635,520.36. Following the completion of the transaction, the chairman now owns 10,741,312 shares in the company, valued at $3,161,597,774.08. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Chairman Joseph D. Mansueto sold 8,954 shares of Morningstar stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $294.34, for a total value of $2,635,520.36. Following the completion of the transaction, the chairman now owns 10,741,312 shares in the company, valued at $3,161,597,774.08. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Joseph D. Mansueto sold 9,062 shares of Morningstar stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $289.22, for a total value of $2,620,911.64. Following the completion of the transaction, the chairman now owns 10,648,928 shares of the company’s stock, valued at approximately $3,079,882,956.16. The disclosure for this sale can be found here. Insiders sold a total of 73,512 shares of company stock worth $21,674,184 over the last 90 days. Corporate insiders own 37.70% of the company’s stock.

Morningstar Price Performance

NASDAQ:MORN traded up $1.57 on Tuesday, reaching $290.72. 12,603 shares of the company’s stock traded hands, compared to its average volume of 116,911. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.66. The stock has a 50-day simple moving average of $295.12 and a 200-day simple moving average of $290.38. The firm has a market cap of $12.43 billion, a PE ratio of 58.41 and a beta of 1.16. Morningstar, Inc. has a 12 month low of $185.15 and a 12 month high of $316.05.

Morningstar (NASDAQ:MORN) last issued its quarterly earnings data on Wednesday, April 24th. The business services provider reported $1.73 earnings per share for the quarter. The firm had revenue of $542.80 million during the quarter. Morningstar had a return on equity of 21.79% and a net margin of 10.13%.

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.