Wells Fargo & Company MN boosted its holdings in Morningstar, Inc. (NASDAQ:MORN) by 3.2% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 164,740 shares of the business services provider’s stock after buying an additional 5,117 shares during the period. Wells Fargo & Company MN owned 0.39% of Morningstar worth $15,974,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of MORN. Kayne Anderson Rudnick Investment Management LLC increased its stake in Morningstar by 81.8% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 712,933 shares of the business services provider’s stock worth $60,592,000 after buying an additional 320,835 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Morningstar by 11.7% during the third quarter. Dimensional Fund Advisors LP now owns 352,135 shares of the business services provider’s stock valued at $29,928,000 after purchasing an additional 36,914 shares in the last quarter. First Trust Advisors LP purchased a new position in shares of Morningstar during the third quarter valued at about $2,975,000. Russell Investments Group Ltd. grew its position in shares of Morningstar by 30.3% during the third quarter. Russell Investments Group Ltd. now owns 127,784 shares of the business services provider’s stock valued at $10,860,000 after purchasing an additional 29,743 shares in the last quarter. Finally, New York State Common Retirement Fund grew its position in shares of Morningstar by 12.8% during the third quarter. New York State Common Retirement Fund now owns 176,029 shares of the business services provider’s stock valued at $14,961,000 after purchasing an additional 20,000 shares in the last quarter. Institutional investors and hedge funds own 40.72% of the company’s stock.
Morningstar, Inc. (NASDAQ:MORN) opened at $98.22 on Wednesday. The firm has a market capitalization of $4,133.79, a PE ratio of 30.79 and a beta of 0.69. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.22. Morningstar, Inc. has a 12-month low of $68.43 and a 12-month high of $103.46.
Morningstar declared that its Board of Directors has approved a share buyback plan on Friday, December 8th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the business services provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 27th. Stockholders of record on Friday, April 6th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, April 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.02%. Morningstar’s payout ratio is 31.35%.
In other news, Director Steven N. Kaplan sold 2,500 shares of the firm’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $96.91, for a total transaction of $242,275.00. Following the completion of the transaction, the director now owns 42,021 shares in the company, valued at $4,072,255.11. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gail S. Landis sold 1,531 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $95.46, for a total value of $146,149.26. Following the transaction, the director now owns 5,350 shares of the company’s stock, valued at approximately $510,711. The disclosure for this sale can be found here. Company insiders own 57.40% of the company’s stock.
Separately, BidaskClub lowered Morningstar from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 11th.
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Morningstar Company Profile
Morningstar, Inc is a provider of independent investment research in North America, Europe, Australia, and Asia. The Company focuses to create products that help investors reach their financial goals. It offers a range of data, software, research, and investment management offerings for financial advisors, asset managers, sponsors, and individual investors.
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