Nine Morningstar insiders, two directors and seven executives, are planning to sell their company stock, the company revealed in its quarterly filing with the Securities and Exchange Commission. Joe Mansueto, chairman and CEO of the company, will sell up to 700,000 shares.

But the disclosure is not a complete revelation, as Mansueto had indicated in a shareholder letter earlier this year that he, and possibly other executives, planned to sell a number of their shares.

"We thought it would be useful to take that a step further and to include information in our 10-Q for our other executive officers and board members," Margaret Kirch Cohen, a spokeswoman for Morningstar, told Dow Jones. "It's really just more disclosure."

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