Form 4: CMS Energy CFO Rejji Hayes Reports Stock Transactions

CMS Energy's EVP and CFO, Rejji Hayes, reported the acquisition of performance-based stock awards and the disposition of shares for tax obligations.

Summary

• Rejji P. Hayes, Executive Vice President and Chief Financial Officer of CMS Energy Corp (CMS), reported changes in beneficial ownership of common stock.
• Hayes acquired 719 shares of common stock on January 26, 2026, as a result of CMS exceeding certain performance criteria established under the 2023 Restricted Stock Award.
• An additional 2,275 shares of common stock were acquired due to dividend reinvestment or equivalents pursuant to Restricted Stock awards.
• Hayes disposed of 9,174 shares of common stock on January 26, 2026, at a price of $71.53 per share, to cover tax liabilities.
• Following these reported transactions, Hayes beneficially owns 236,581 shares of CMS common stock.

Sentiment

Score: 6

Explanation: The filing indicates the executive received performance-based awards, suggesting positive company performance, but also a routine disposition for tax purposes. Overall neutral to slightly positive due to performance criteria being met.

Positives

• The acquisition of 719 shares indicates that CMS Energy met or exceeded specific performance criteria, suggesting strong operational results.
• The acquisition of 2,275 shares through dividend reinvestment demonstrates continued accumulation of equity by the executive, aligning interests with shareholders.

Negatives

• The disposition of 9,174 shares, although for tax purposes, results in a reduction of the executive's direct holdings.

Stakeholder Impact

• Shareholders: The executive's ownership stake slightly decreased due to tax-related sales but increased due to performance awards and dividend reinvestment, indicating continued alignment with shareholder interests through equity ownership.
• Employees: The performance-based award could signal a positive performance culture within the company.

Key Dates

Recommendation

This Form 4 filing details routine executive compensation transactions, including the vesting of performance-based restricted stock and the sale of shares to cover tax liabilities. While the performance-based award is a positive indicator of company performance, the overall impact on the company's fundamentals or future outlook is neutral. These transactions do not provide new information that would warrant a change in investment recommendation.

Keywords

CMS Energy, Rejji Hayes, Form 4, Insider Trading, Stock Award, Restricted Stock, Executive Compensation, Share Disposition, Dividend Reinvestment