Welch & Forbes LLC Has $2.68 Million Holdings in Morningstar, Inc. (MORN)
Welch & Forbes LLC cut its position in shares of Morningstar, Inc. (NASDAQ:MORN) by 13.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 27,621 shares of the business services provider’s stock after selling 4,369 shares during the quarter. Welch & Forbes LLC’s holdings in Morningstar were worth $2,679,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. State of Alaska Department of Revenue purchased a new position in Morningstar during the fourth quarter worth about $126,000. SG Americas Securities LLC purchased a new stake in shares of Morningstar in the 3rd quarter valued at approximately $128,000. The Manufacturers Life Insurance Company raised its stake in shares of Morningstar by 6.9% in the 2nd 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 period. Atria Investments LLC purchased a new stake in shares of Morningstar in the 4th quarter valued at approximately $203,000. Finally, Eagle Ridge Investment Management purchased a new stake in shares of Morningstar in the 4th quarter valued at approximately $219,000. 38.66% of the stock is currently owned by institutional investors.
Shares of Morningstar, Inc. (MORN) opened at $98.88 on Friday. The stock has a market cap of $4,207.04, a P/E ratio of 37.61 and a beta of 0.77. Morningstar, Inc. has a 52 week low of $68.43 and a 52 week high of $103.46. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.26.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Friday, January 5th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.01%. This is an increase from Morningstar’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Thursday, January 4th. Morningstar’s payout ratio is 25.58%.
Morningstar declared that its Board of Directors has authorized a share repurchase plan on Friday, December 8th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the business services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
Separately, BidaskClub downgraded shares of Morningstar from a “buy” rating to a “hold” rating in a research note on Wednesday.
In other news, Director Jack Noonan sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, October 30th. The shares were 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven N. Kaplan sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $91.85, for a total transaction of $229,625.00. Following the completion of the sale, the director now directly owns 44,821 shares in the company, valued at $4,116,808.85. The disclosure for this sale can be found here. Insiders sold a total of 25,000 shares of company stock worth $2,181,100 over the last three months. Insiders own 57.40% of the company’s stock.
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Morningstar Company Profile
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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