Morningstar (MORN) director trims stake with 700-share open-market sale

Rhea-AI Filing Summary

Morningstar, Inc. director William M. Lyons reported an open-market sale of 700 shares of Common Stock at $179.00 per share. After this transaction, he continues to directly hold 13,904 shares, indicating this was a relatively small adjustment to his overall position.

Insider Trade Summary

Net Seller: 700 shares ($125,300)

Net Sell 1 txn

Insider Lyons William M

Role null

Sold 700 shs ($125K)

Type	Security	Shares	Price	Value
Sale	Common Stock	700	$179.00	$125K

Holdings After Transaction: Common Stock — 13,904 shares (Direct, null)

Footnotes (1)

Key Figures

Shares sold: 700 shares Sale price per share: $179.00 per share Shares held after transaction: 13,904 shares +1 more

4 metrics

Shares sold 700 shares Open-market sale of Common Stock

Sale price per share $179.00 per share Price for the 700 shares sold

Shares held after transaction 13,904 shares Direct holdings following the sale

Net buy/sell shares -700 shares Net-sell direction in transaction summary

Key Terms

open-market sale, Common Stock, Form 4, net-sell

4 terms

open-market sale financial

"reported an open-market sale of 700 shares of Common Stock"

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.

Common Stock financial

"700 shares of Common Stock at $179.00 per share"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Form 4 regulatory

"according to a Form 4 insider trading report filed with the SEC"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

net-sell financial

"netBuySellDirection is reported as net-sell in the transaction summary"

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lyons William M

(Last) (First) (Middle)

22 WEST WASHINGTON ST

(Street)

CHICAGO ILLINOIS 60602

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Morningstar, Inc. [ MORN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/27/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/27/2026		S		700	D	$179	13,904	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

	/s/ Kathleen Peacock, by power of attorney	05/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Morningstar (MORN) report in this Form 4?

Morningstar director William M. Lyons reported selling 700 shares of Common Stock in an open-market transaction at $179.00 per share, according to a Form 4 insider trading report filed with the SEC.

How many Morningstar (MORN) shares does William M. Lyons hold after the sale?

After selling 700 shares, William M. Lyons directly holds 13,904 shares of Morningstar Common Stock. This figure reflects his position immediately following the reported open-market sale on the transaction date.

Was the Morningstar (MORN) insider transaction a buy or a sell?

The reported Morningstar insider transaction was a sell. Director William M. Lyons executed an open-market sale of 700 Common Stock shares, coded as “S” for sale in the Form 4 filing.

What price did the Morningstar (MORN) director receive per share in the sale?

The Morningstar director received $179.00 per share for the 700 Common Stock shares sold. This transaction price is disclosed in the Form 4 as the sale price for the reported open-market trade.

Does the Morningstar (MORN) Form 4 show any option exercises or derivative trades?

No derivative transactions are shown in this Form 4. The filing lists only one non-derivative transaction: an open-market sale of 700 Morningstar Common Stock shares, with no remaining derivative positions reported in the derivative summary.