Mansueto Joseph D 4
4 · Morningstar, Inc. · Filed May 20, 2026
Research Summary
AI-generated summary of this filing
Morningstar (MORN) 10% Owner Joseph D. Mansueto Sells 21,228 Shares
What Happened
Joseph D. Mansueto, a 10% owner of Morningstar, reported open‑market sales of 21,228 shares of MORN between May 18 and May 20, 2026, generating total proceeds of approximately $3,718,526. Individual blocks ranged from 24 to 5,704 shares at reported prices mostly between about $171 and $182 per share; several larger blocks were executed as multiple trades and reported at weighted‑average prices.
Key Details
- Transaction dates: May 18–20, 2026. Report filed May 20, 2026 (appears timely under Form 4 rules).
- Total sold: 21,228 shares for aggregate proceeds ≈ $3,718,526.
- Price range (reported/weighted): roughly $170.84 to $182.13 depending on the trades; many entries note multiple trade executions with weighted averages (see footnotes F2–F16).
- Plan/authorization: Sales were effected pursuant to a Rule 10b5‑1 trading plan adopted Nov 19, 2025 (Footnote F1).
- Ownership structure notes: Some shares are held in grantor retained annuity trusts and trusts for the benefit of the reporting person’s children; the reporting person or spouse serves as trustee (F17, F18).
- Shares owned after the transactions: not disclosed in the provided summary.
Context
These were outright open‑market sales by a 10% owner under a pre‑arranged 10b5‑1 plan. Such planned sales are common for liquidity, tax or estate planning and do not by themselves indicate insider sentiment about the company’s near‑term prospects. For retail investors, purchases by insiders tend to be more informative about confidence than routine sales.
Insider Transaction Report
Form 4
Mansueto Joseph D
DirectorExecutive Chairman10% Owner
Transactions
- Sale
Common Stock
[F1][F2]2026-05-18$171.33/sh−559$95,776→ 8,073,681 total - Sale
Common Stock
[F1][F3]2026-05-18$172.43/sh−300$51,728→ 8,073,381 total - Sale
Common Stock
[F1][F4]2026-05-18$173.38/sh−116$20,112→ 8,073,265 total - Sale
Common Stock
[F1][F5]2026-05-18$174.51/sh−500$87,257→ 8,072,765 total - Sale
Common Stock
[F1][F6]2026-05-18$175.80/sh−1,620$284,800→ 8,071,145 total - Sale
Common Stock
[F1][F7]2026-05-18$176.85/sh−3,515$621,612→ 8,067,630 total - Sale
Common Stock
[F1][F8]2026-05-18$177.42/sh−640$113,547→ 8,066,990 total - Sale
Common Stock
[F1][F9]2026-05-19$176.66/sh−2,629$464,451→ 8,064,361 total - Sale
Common Stock
[F1][F10]2026-05-19$178.06/sh−1,446$257,476→ 8,062,915 total - Sale
Common Stock
[F1][F11]2026-05-19$179.08/sh−676$121,056→ 8,062,239 total - Sale
Common Stock
[F1][F12]2026-05-19$180.39/sh−1,726$311,352→ 8,060,513 total - Sale
Common Stock
[F1][F13]2026-05-19$181.05/sh−227$41,098→ 8,060,286 total - Sale
Common Stock
[F1]2026-05-19$182.13/sh−24$4,371→ 8,060,262 total - Sale
Common Stock
[F1][F14]2026-05-20$171.32/sh−5,704$977,236→ 8,054,558 total - Sale
Common Stock
[F1][F15]2026-05-20$172.33/sh−1,255$216,278→ 8,053,303 total - Sale
Common Stock
[F1][F16]2026-05-20$173.11/sh−291$50,376→ 8,053,012 total
Holdings
- 6,277,675(indirect: By Trust)
Common Stock
[F17] - 150,000(indirect: By Trust)
Common Stock
[F18]
Footnotes (18)
- [F1]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.
- [F10]The transaction was executed in multiple trades at prices ranging from $177.5900 to $178.4100. 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.
- [F11]The transaction was executed in multiple trades at prices ranging from $178.6550 to $179.5500. 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.
- [F12]The transaction was executed in multiple trades at prices ranging from $180.0100 to $180.7450. 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.
- [F13]The transaction was executed in multiple trades at prices ranging from $181.0200 to $181.2700. 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.
- [F14]The transaction was executed in multiple trades at prices ranging from $170.8350 to $171.8100. 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.
- [F15]The transaction was executed in multiple trades at prices ranging from $171.8700 to $172.8100. 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.
- [F16]The transaction was executed in multiple trades at prices ranging from $172.8800 to $173.3300. 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.
- [F17]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.
- [F18]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.
- [F2]The transaction was executed in multiple trades at prices ranging from $170.7250 to $171.6900. 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.
- [F3]The transaction was executed in multiple trades at prices ranging from $172.1400 to $172.6150. 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.
- [F4]The transaction was executed in multiple trades at prices ranging from $173.1600 to $173.4100. 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.
- [F5]The transaction was executed in multiple trades at prices ranging from $174.1850 to $174.9750. 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.
- [F6]The transaction was executed in multiple trades at prices ranging from $175.2450 to $176.2200. 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.
- [F7]The transaction was executed in multiple trades at prices ranging from $176.2450 to $177.2350. 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.
- [F8]The transaction was executed in multiple trades at prices ranging from $177.2600 to $177.6850. 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.
- [F9]The transaction was executed in multiple trades at prices ranging from $176.4650 to $177.4500. 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.
Signature
/s/ Kathleen Peacock, by power of attorney|2026-05-20