Engineers Gate Manager LP Acquires 25,817 Shares of Morningstar, Inc. $MORN

Engineers Gate Manager LP raised its holdings in Morningstar, Inc. (NASDAQ:MORN) by 182.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 39,989 shares of the business services provider’s stock after acquiring an additional 25,817 shares during the period. Engineers Gate Manager LP’s holdings in Morningstar were worth $6,239,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. Integrated Wealth Concepts LLC grew its stake in shares of Morningstar by 60.3% in the second quarter. Integrated Wealth Concepts LLC now owns 4,076 shares of the business services provider’s stock worth $636,000 after purchasing an additional 1,533 shares during the last quarter. NewEdge Advisors LLC raised its position in Morningstar by 95.0% during the 2nd quarter. NewEdge Advisors LLC now owns 2,907 shares of the business services provider’s stock worth $454,000 after purchasing an additional 1,416 shares during the last quarter. IFP Advisors Inc raised its position in Morningstar by 45.2% during the 2nd quarter. IFP Advisors Inc now owns 315 shares of the business services provider’s stock worth $49,000 after purchasing an additional 98 shares during the last quarter. Squarepoint Ops LLC acquired a new position in Morningstar during the 2nd quarter worth about $7,449,000. Finally, Allworth Financial LP lifted its holdings in Morningstar by 191.7% during the 2nd quarter. Allworth Financial LP now owns 1,505 shares of the business services provider’s stock worth $235,000 after buying an additional 989 shares during the period. Institutional investors own 57.02% of the company’s stock.

Morningstar Stock Performance

Shares of MORN opened at $191.02 on Friday. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 1.66. The stock has a market capitalization of $7.17 billion, a P/E ratio of 18.09 and a beta of 1.00. The firm’s fifty day simple moving average is $194.04 and its two-hundred day simple moving average is $181.19. Morningstar, Inc. has a 12 month low of $141.49 and a 12 month high of $261.37.

Morningstar (NASDAQ:MORN) last posted its quarterly earnings data on Wednesday, July 29th. The business services provider reported $3.10 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.27. Morningstar had a return on equity of 38.57% and a net margin of 16.43%.The firm had revenue of $663.20 million during the quarter, compared to analyst estimates of $649.72 million.

Analyst Ratings Changes

Several brokerages have recently weighed in on MORN. Wall Street Zen cut Morningstar from a “buy” rating to a “hold” rating in a research note on Saturday, August 29th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $212.00 price objective on shares of Morningstar in a research note on Friday, June 26th. Rothschild & Co Redburn set a $210.00 price objective on Morningstar in a research note on Thursday, June 18th. Weiss Ratings upgraded Morningstar from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, August 14th. Finally, UBS Group decreased their target price on shares of Morningstar from $280.00 to $260.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Morningstar has a consensus rating of “Moderate Buy” and a consensus price target of $227.33.

Insider Activity at Morningstar

In other news, Chairman Joseph Mansueto sold 5,659 shares of Morningstar stock in a transaction on Monday, August 24th. The shares were sold at an average price of $218.84, for a total value of $1,238,415.56. Following the completion of the sale, the chairman owned 7,938,192 shares in the company, valued at $1,737,193,937.28. The trade was a 0.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 86,500 shares of company stock worth $17,824,451. Company insiders own 38.80% of the company’s stock.

Morningstar Profile

Morningstar, Inc is a global provider of independent investment research, data, and financial information. The company serves individual investors, financial advisors, asset managers, institutions, and retirement plan providers with tools designed to support investment analysis, portfolio construction, and financial decision-making.

Its offerings include investment research and ratings, market and portfolio data, indexes, software platforms, and retirement planning solutions. Key products include Morningstar Direct for institutional research and analysis and Advisor Workstation for financial professionals.