SCHEDULE 13G: FMR LLC and Abigail P. Johnson Disclose 7.4% Passive Stake in TXNM ENERGY INC

FMR LLC and its Chairman and CEO, Abigail P. Johnson, have reported a passive beneficial ownership of 7.4% in TXNM ENERGY INC, totaling 6,892,074.73 common shares.

Summary

• FMR LLC and Abigail P. Johnson have filed a Schedule 13G, indicating beneficial ownership of common stock in TXNM ENERGY INC.
• As of March 31, 2025, the aggregate amount beneficially owned by FMR LLC and Abigail P. Johnson is 6,892,074.73 shares.
• This ownership represents 7.4% of the outstanding common stock of TXNM ENERGY INC.
• FMR LLC holds sole voting power over 6,868,315.83 shares and sole dispositive power over 6,892,074.73 shares.
• Abigail P. Johnson holds sole dispositive power over 6,892,074.73 shares, with no sole or shared voting power.
• The filing states that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of TXNM ENERGY INC.
• FMR LLC is classified as a parent holding company, and Abigail P. Johnson is an individual reporting person.
• Several FMR LLC subsidiaries and affiliates, including FIAM LLC, Fidelity Institutional Asset Management Trust Company, Fidelity Management & Research Company LLC, Fidelity Management Trust Company, and Strategic Advisers LLC, are identified as entities that beneficially own shares, with Fidelity Management & Research Company LLC owning 5% or greater.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership, providing neutral information without expressing positive or negative sentiment regarding the issuer's performance or outlook. The sentiment is purely informational.

Risks

• The document notes that members of the Johnson family, including Abigail P. Johnson, are the predominant owners of Series B voting common shares of FMR LLC (representing 49% of voting power) and have a shareholders' voting agreement, which may lead them to be deemed a controlling group with respect to FMR LLC under the Investment Company Act of 1940. This is an internal control structure risk for FMR LLC, not TXNM ENERGY INC.

Future Outlook

NA

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing indicates a significant passive investment by a major financial institution (FMR LLC, parent of Fidelity Investments) in an energy sector company, TXNM ENERGY INC. Such an investment suggests that FMR LLC sees value in the company within the broader energy market, though the filing itself does not provide specific industry analysis or rationale for the investment.

Corporate Governance

Stakeholder Impact

• Shareholders: The disclosure of a significant passive stake by a major institutional investor like FMR LLC can be viewed positively by existing shareholders, signaling institutional confidence in the company. It also increases the institutional ownership base, which can sometimes lead to greater stock stability or liquidity.

Key Dates

Keywords

Schedule 13G, Beneficial Ownership, FMR LLC, Abigail P. Johnson, TXNM ENERGY INC, Common Stock, Institutional Investor, Passive Investment, SEC Filing, Energy Sector