Form 4: Morningstar Executive Chairman Joseph Mansueto Sells Shares Under 10b5-1 Trading Plan

Joseph Mansueto, Executive Chairman of Morningstar, Inc., sold shares of common stock on May 21 and May 22, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Joseph Mansueto, the Executive Chairman of Morningstar, Inc., sold shares of the company's common stock on May 21 and May 22, 2024.
• The sales were executed under a Rule 10b5-1 trading plan adopted on November 17, 2023.
• On May 21, 2024, Mansueto sold a total of 8,086 shares at weighted average prices ranging from $296.8146 to $300.5481.
• On May 22, 2024, Mansueto sold a total of 5,023 shares at weighted average prices ranging from $299.5188 to $301.1135.
• Following these transactions, Mansueto directly owns 10,674,922 shares of Morningstar common stock.
• Mansueto also indirectly owns 4,752,663 shares through trusts for his benefit and his children, and 150,000 shares through trusts for the benefit of his children.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the transactions were pre-planned under a 10b5-1 trading plan and do not necessarily reflect a change in the executive's outlook on the company.

Industry Context

Insider sales are a common occurrence, and the use of 10b5-1 plans allows insiders to sell shares over time while avoiding accusations of trading on non-public information. The market will often look at the size and frequency of these sales to determine if there is any negative sentiment from the insider.

Stakeholder Impact

• The share sales may have a minor impact on shareholders due to the increased supply of shares in the market.
• The sales do not appear to have a direct impact on employees, customers, suppliers, or creditors.

Key Dates