Principal Financial Group Inc. purchased a new position in shares of Morningstar, Inc. (NASDAQ:MORN) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,582 shares of the business services provider’s stock, valued at approximately $219,000.
Several other institutional investors have also recently added to or reduced their stakes in the company. Copeland Capital Management LLC grew its position in Morningstar by 1.6% in the 3rd quarter. Copeland Capital Management LLC now owns 163,793 shares of the business services provider’s stock valued at $13,921,000 after buying an additional 2,657 shares in the last quarter. Aperio Group LLC grew its position in Morningstar by 137.8% in the 3rd quarter. Aperio Group LLC now owns 21,071 shares of the business services provider’s stock valued at $1,791,000 after buying an additional 12,210 shares in the last quarter. Cardinal Capital Management grew its position in Morningstar by 10.3% in the 3rd quarter. Cardinal Capital Management now owns 14,839 shares of the business services provider’s stock valued at $1,261,000 after buying an additional 1,389 shares in the last quarter. First Trust Advisors LP bought a new position in Morningstar in the 3rd quarter valued at about $2,975,000. Finally, Fisher Asset Management LLC bought a new position in Morningstar in the 3rd quarter valued at about $3,221,000. Institutional investors and hedge funds own 38.65% of the company’s stock.
In other Morningstar news, Director Gail S. Landis sold 500 shares of the company’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $85.00, for a total value of $42,500.00. Following the completion of the sale, the director now directly owns 7,381 shares of the company’s stock, valued at approximately $627,385. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven N. Kaplan sold 2,500 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $4,116,808.85. The disclosure for this sale can be found here. Insiders sold a total of 23,500 shares of company stock valued at $2,024,825 in the last quarter. 57.40% of the stock is currently owned by insiders.
Morningstar announced that its Board of Directors has authorized a share buyback 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Friday, January 5th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date is Thursday, January 4th. This is a positive change from Morningstar’s previous quarterly dividend of $0.23. Morningstar’s dividend payout ratio is currently 23.53%.
ILLEGAL ACTIVITY WARNING: This news story was reported by Community Financial News and is the sole property of of Community Financial News. If you are accessing this news story on another publication, it was copied illegally and reposted in violation of international trademark and copyright laws. The legal version of this news story can be read at https://www.com-unik.info/2017/12/18/principal-financial-group-inc-takes-219000-position-in-morningstar-inc-morn.html.
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.
Want to see what other hedge funds are holding MORN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Morningstar, Inc. (NASDAQ:MORN).
Receive News & Ratings for Morningstar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Morningstar and related companies with MarketBeat.com's FREE daily email newsletter.