BMO Capital Markets Cuts Morningstar (NASDAQ:MORN) Price Target to $370.00

Morningstar (NASDAQ:MORN) had its target price cut by BMO Capital Markets from $387.00 to $370.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have an outperform rating on the business services provider’s stock.

Separately, StockNews.com upgraded Morningstar from a “hold” rating to a “buy” rating in a report on Thursday, February 27th.

Morningstar Stock Performance

MORN opened at $302.06 on Monday. Morningstar has a 52-week low of $281.37 and a 52-week high of $365.00. The firm has a market capitalization of $12.95 billion, a PE ratio of 39.90 and a beta of 1.20. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.14 and a current ratio of 1.14. The business’s 50-day simple moving average is $325.37 and its 200 day simple moving average is $329.94.

Morningstar (NASDAQ:MORN) last released its earnings results on Wednesday, February 26th. The business services provider reported $2.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.15. Morningstar had a return on equity of 23.28% and a net margin of 14.69%. The business had revenue of $591.00 million for the quarter, compared to analyst estimates of $580.81 million.

Morningstar Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 3rd will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 0.60%. The ex-dividend date of this dividend is Friday, October 3rd. This is an increase from Morningstar’s previous quarterly dividend of $0.41. Morningstar’s payout ratio is 21.24%.

Insiders Place Their Bets

In other news, CFO Jason Dubinsky sold 3,223 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $352.88, for a total value of $1,137,332.24. Following the transaction, the chief financial officer now owns 17,304 shares of the company’s stock, valued at approximately $6,106,235.52. This represents a 15.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Joseph D. Mansueto sold 3,635 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $325.44, for a total value of $1,182,974.40. Following the completion of the transaction, the chairman now directly owns 10,142,694 shares in the company, valued at $3,300,838,335.36. The trade was a 0.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,641 shares of company stock valued at $14,620,537 over the last 90 days. 39.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Morningstar

Large investors have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC grew its position in Morningstar by 178.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 78 shares of the business services provider’s stock worth $26,000 after buying an additional 50 shares in the last quarter. Bradley & Co. Private Wealth Management LLC acquired a new stake in Morningstar during the fourth quarter worth approximately $28,000. Venturi Wealth Management LLC grew its position in Morningstar by 101.7% during the third quarter. Venturi Wealth Management LLC now owns 121 shares of the business services provider’s stock worth $39,000 after buying an additional 61 shares in the last quarter. R Squared Ltd acquired a new stake in Morningstar during the fourth quarter worth approximately $40,000. Finally, V Square Quantitative Management LLC grew its position in Morningstar by 49.5% during the fourth quarter. V Square Quantitative Management LLC now owns 139 shares of the business services provider’s stock worth $47,000 after buying an additional 46 shares in the last quarter. Institutional investors and hedge funds own 57.02% of the company’s stock.

About Morningstar

Morningstar, Inc provides independent investment insights in the United States, Asia. Australia, Continental Europe, the United Kingdom, and internationally. The company operates in five segments: Morningstar Data and Analytics; PitchBook; Morningstar Wealth; Morningstar Credit; and Morningstar Retirement.