Morningstar (MORN) executive chair Mansueto sells 21,750 shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Morningstar, Inc. executive chairman Joseph D. Mansueto reported open-market sales of 21,750 shares of Morningstar common stock. The sales occurred over May 5–7, 2026 at prices generally between about $166 and $180 per share. These transactions were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 19, 2025. After the direct sales, he continues to hold about 8.1 million shares directly, plus additional indirect holdings through grantor retained annuity trusts and trusts for his children.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Net Seller: 21,750 shares ($3,670,858)
Net Sell
22 txns
Insider
Mansueto Joseph D
Role
Executive Chairman
Sold
21,750 shs ($3.67M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 100 | $166.66 | $17K |
| Sale | Common Stock | 312 | $168.8319 | $53K |
| Sale | Common Stock | 300 | $170.09 | $51K |
| Sale | Common Stock | 1,268 | $170.8808 | $217K |
| Sale | Common Stock | 1,520 | $171.774 | $261K |
| Sale | Common Stock | 1,955 | $173.124 | $338K |
| Sale | Common Stock | 1,107 | $173.943 | $193K |
| Sale | Common Stock | 286 | $175.3486 | $50K |
| Sale | Common Stock | 52 | $176.1825 | $9K |
| Sale | Common Stock | 271 | $177.8716 | $48K |
| Sale | Common Stock | 53 | $178.8777 | $9K |
| Sale | Common Stock | 26 | $180.00 | $5K |
| Sale | Common Stock | 5,977 | $166.0051 | $992K |
| Sale | Common Stock | 784 | $166.7441 | $131K |
| Sale | Common Stock | 411 | $168.0293 | $69K |
| Sale | Common Stock | 78 | $168.7933 | $13K |
| Sale | Common Stock | 4,202 | $167.1185 | $702K |
| Sale | Common Stock | 2,957 | $168.1414 | $497K |
| Sale | Common Stock | 52 | $169.34 | $9K |
| Sale | Common Stock | 39 | $170.04 | $7K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 8,114,392 shares (Direct, null);
Common Stock — 6,277,675 shares (Indirect, By Trust)
Footnotes (1)
- The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 19, 2025. The transaction was executed in multiple trades at prices ranging from $166.6700 to $167.6400. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $167.6800 to $168.5100. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $168.8700 to $169.8100. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $169.9100 to $170.3000. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $165.5600 to $166.5300. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $166.5800 to $167.5300. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $167.6300 to $168.5200. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $168.6900 to $168.9900. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $168.3800 to $168.8500. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $169.4300 to $170.4200. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $170.4650 to $171.4000. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $171.5300 to $172.1600. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $172.6150 to $173.5600. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $173.7600 to $174.6800. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $174.8500 to $175.8050. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $175.9750 to $176.3900. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $177.5300 to $178.2300. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $178.5300 to $179.2300. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The shares are held in grantor retained annuity trusts for the benefit of the reporting person and his children. The reporting person serves as trustee of the grantor retained annuity trusts. The shares are held in trusts for the benefit of the reporting person's children. The reporting person's spouse is trustee of the trusts.
Key Figures
Shares sold: 21,750 shares
Direct holdings after trades: 8,114,392 shares
Sale price range: $166–$180 per share
+2 more
5 metrics
Shares sold
21,750 shares
Open-market sales over <date>May 5–7, 2026</date>
Direct holdings after trades
8,114,392 shares
Direct Morningstar common stock reported after transactions
Sale price range
$166–$180 per share
Approximate range of reported sale prices across transactions
Grantor retained annuity trusts
150,000 shares
Indirect holdings in grantor retained annuity trusts
Children’s trusts holdings
6,277,675 shares
Indirect holdings in trusts for reporting person’s children
Key Terms
Rule 10b5-1 trading plan, weighted average sales price, grantor retained annuity trusts, open-market sale, +1 more
5 terms
Rule 10b5-1 trading plan regulatory
"The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
weighted average sales price financial
"The price reported above reflects the weighted average sales price"
grantor retained annuity trusts financial
"The shares are held in grantor retained annuity trusts for the benefit of the reporting person and his children"
A grantor retained annuity trust (GRAT) is an estate-planning tool where an owner transfers assets into a trust and receives fixed payments back for a set number of years; any remaining assets after that period pass to designated beneficiaries. For investors it matters because it can move future investment growth to heirs while potentially reducing gift and estate taxes — like putting a rising asset in a timed box that pays you first and gives the remaining upside to others.
open-market sale financial
"transaction_action: "open-market sale" for common stock transactions"
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.
indirect ownership financial
"ownership_type: "indirect" with nature_of_ownership "By Trust" for certain holdings"
FAQ
What did Morningstar (MORN) executive chairman report in this Form 4?
Joseph D. Mansueto reported multiple open-market sales of Morningstar common stock totaling 21,750 shares. The trades occurred over May 5–7, 2026 and were executed at various prices, all disclosed as routine insider transactions in this regulatory filing.
Were the Morningstar (MORN) insider sales made under a Rule 10b5-1 plan?
Yes. A footnote states the sales were effected under a Rule 10b5-1 trading plan adopted on November 19, 2025. Such plans allow insiders to pre-schedule trades, which can make the timing less reflective of short-term views on the stock.