California Public Employees Retirement System lifted its stake in shares of Morningstar, Inc. (NASDAQ:MORN) by 3.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 49,571 shares of the business services provider’s stock after acquiring an additional 1,671 shares during the period. California Public Employees Retirement System owned 0.12% of Morningstar worth $4,213,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of MORN. The Manufacturers Life Insurance Company boosted its stake in shares of Morningstar by 6.9% during the second quarter. The Manufacturers Life Insurance Company now owns 1,510 shares of the business services provider’s stock valued at $118,000 after acquiring an additional 98 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Morningstar during the third quarter valued at $128,000. Pacer Advisors Inc. boosted its stake in shares of Morningstar by 12.2% during the second quarter. Pacer Advisors Inc. now owns 2,321 shares of the business services provider’s stock valued at $182,000 after acquiring an additional 253 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in shares of Morningstar during the third quarter valued at $219,000. Finally, Great West Life Assurance Co. Can boosted its stake in shares of Morningstar by 75.4% during the third quarter. Great West Life Assurance Co. Can now owns 2,725 shares of the business services provider’s stock valued at $231,000 after acquiring an additional 1,171 shares during the last quarter. 38.65% of the stock is currently owned by institutional investors and hedge funds.
Shares of Morningstar, Inc. (NASDAQ:MORN) opened at $96.20 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.69 and a current ratio of 1.69. The company has a market capitalization of $4,103.69, a price-to-earnings ratio of 24.60 and a beta of 0.77. Morningstar, Inc. has a 52 week low of $68.43 and a 52 week high of $99.11.
Morningstar announced that its Board of Directors has initiated a share repurchase program on Friday, December 8th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the business services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Friday, January 5th will be paid a dividend of $0.25 per share. The ex-dividend date is Thursday, January 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.04%. This is a positive change from Morningstar’s previous quarterly dividend of $0.23. Morningstar’s dividend payout ratio (DPR) is presently 25.58%.
In other Morningstar news, Director Jack Noonan sold 20,000 shares of the firm’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $85.46, for a total value of $1,709,200.00. Following the sale, the director now directly owns 3,344 shares of the company’s stock, valued at approximately $285,778.24. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Steven N. Kaplan sold 2,500 shares of the firm’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $96.91, for a total value of $242,275.00. Following the completion of the sale, the director now directly owns 42,021 shares in the company, valued at $4,072,255.11. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,500 shares of company stock worth $2,224,600. Corporate insiders own 57.40% of the company’s stock.
Separately, BidaskClub raised Morningstar from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 3rd.
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Morningstar, Inc is a provider of independent investment research in North America, Europe, Australia, and Asia. The Company focuses to create products that help investors reach their financial goals. It offers a range of data, software, research, and investment management offerings for financial advisors, asset managers, sponsors, and individual investors.
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