Insider trade

Director sold ~$1.13M of CMS shares in the open market

Traded Feb 20, 2026 · Filed Feb 23, 2026

CMS EnergyCMS

~$1.13M
Reported value · 15K sh @ $75.755: 132K
Holds after · shares reported: -16.1%
stock since the trade · S&P 500 +10.8%, $75.86 → $63.64 on Oct 1

Why it stands out

A board member of CMS Energy sold $1.13M of CMS Energy shares. Nobody planned it ahead of time.

Written from the filing's own figures. OQRO describes what was reported and never tells you what to buy or sell

View the official recordSEC Form 4 — Statement of Changes in Beneficial Ownership

All the details

Dates, kept separate

Transaction date: Feb 20, 2026
Reporting period: Not applicable
Filed with the SEC: Feb 23, 2026

Director$1M+

Context

Classification

open market sale

Code S — open-market or private sale

Absolute commitment

~$1,129,810

Shares × reported transaction price

Timing vs results

15 days after results of Feb 5, 2026, 67 days before results of Apr 28, 2026

Results dates are the company's own 8-K (Item 2.02). Many companies only let insiders trade in a window after results

Price at the time

Closed at $75.86 on Feb 20, 2026, within 2% of its 52-week high, after a 9% rise over the previous 30 trading days

52-week range $68.57 (Jun 25, 2025) to $76.74 (Feb 13, 2026), 89% of the way up, from 251 adjusted closes. 30 trading days earlier: $69.56 on Jan 7, 2026. Describes the past only, not a forecast

Planned / mechanical clue

None found in footnotes

Only flagged when a footnote says so; never inferred

After it was reported

After	Stock	S&P 500	Difference
7 days	+1.3%	-1.0%	+2.4%
30 days	-0.6%	-6.2%	+5.6%
90 days	-3.4%	+9.2%	-12.6%
180 days	-10.9%	+11.1%	-22.0%

Past results only. Not a forecast.

Source receipt

Record ID: 0001180661-26-000004
Filed / recorded: Feb 23, 2026, 9:41 PM UTC
Added to OQRO: Oct 2, 2026, 12:27 PM UTC
Parser: form4-xml-v1
Data quality: Verified: identifiers matched exactly
Issuer: CMS ENERGY CORP
Issuer CIK: 811156
Ticker: CMS
Reporting person: John G Russell
Relationship: Director
Security: Common Stock
Table: Non-derivative (Table I)
Transaction date: Feb 20, 2026
Transaction code: S
Shares / units: 14,914
Price per share: $75.755
Acquired / disposed: Disposed (D)
Shares owned after: 131,568
Ownership form: Direct
Amendment: No

Footnotes from the filing

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $75.75 to $75.76, inclusive. The reporting person undertakes to provide to CMS Energy Corporation ("CMS"), any security holder of CMS, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote (1) to this Form 4.