Form 4: Morningstar Executive Chairman Joseph Mansueto Reports Gift of Shares

Morningstar, Inc. Executive Chairman Joseph D. Mansueto reported a disposition of 15,000 shares of common stock via gift on June 30, 2025, executed under a Rule 10b5-1 plan.

Summary

• Joseph D. Mansueto, Executive Chairman, Director, and 10% Owner of Morningstar, Inc. (MORN), reported a transaction on June 30, 2025.
• The transaction involved the disposition of 15,000 shares of Morningstar Common Stock.
• The disposition was a gift (Transaction Code 'G') with a price of $0 per share.
• The transaction was made pursuant to a Rule 10b5-1(c) contract, instruction, or written plan.
• Following this transaction, Joseph D. Mansueto directly beneficially owns 9,412,836 shares of Common Stock.
• He also indirectly beneficially owns 5,336,106 shares through grantor retained annuity trusts (where he is trustee) and 150,000 shares through trusts for his children (where his spouse is trustee).

Sentiment

Score: 6

Explanation: The disposition of shares was a pre-planned gift under a 10b5-1 plan, which is a neutral to slightly positive indicator as it suggests long-term estate planning rather than a reactive sale.

Positives

• The transaction was executed under a Rule 10b5-1 plan, indicating a pre-planned disposition and not a reaction to immediate market conditions.
• The disposition was a gift, not a sale for cash, which can be part of long-term estate planning.

Negatives

• A reduction of 15,000 shares in direct beneficial ownership by a key insider.

Future Outlook

NA

Industry Context

Insider transactions, particularly gifts under 10b5-1 plans, are common for high-net-worth individuals for estate planning purposes and generally do not reflect on broader industry trends.

Related Party Transactions

• Indirect beneficial ownership includes shares held in grantor retained annuity trusts for the benefit of the reporting person and his children, where the reporting person serves as trustee.
• Indirect beneficial ownership also includes shares held in trusts for the benefit of the reporting person's children, where the reporting person's spouse is trustee.

Stakeholder Impact

• Minimal direct impact on shareholders as this is a planned gift and not a sale for liquidity or due to negative company outlook.

Key Dates

Keywords

Morningstar, MORN, Joseph Mansueto, Form 4, insider transaction, share disposition, gift, executive chairman, 10b5-1 plan, beneficial ownership