On November 2, 2023, Saba Capital Management, L.P. (Trades, Portfolio), a New York-based firm, added 4,521 shares of Eaton Vance California Municipal Bond Fund (EVM, Financial) to its portfolio. The shares were acquired at a trade price of $7.84 per share. This transaction increased Saba Capital's total holdings in EVM to 2,496,569 shares, representing 0.51% of the firm's portfolio and 10.12% of EVM's total shares.
About Saba Capital Management, L.P. (Trades, Portfolio)
Saba Capital Management, L.P. (Trades, Portfolio) is a firm based in New York, NY, with an equity of $3.84 billion. The firm's investment philosophy is primarily focused on the Financial Services and Technology sectors. Its top holdings include Templeton Global Income Fund(GIM, Financial), BlackRock Capital Allocation Trust(BCAT, Financial), BlackRock Health Sciences Trust II(BMEZ, Financial), BlackRock Innovation & Growth Tr(BIGZ, Financial), and BlackRock ESG Capital Allocation Trust(ECAT, Financial).
Overview of Eaton Vance California Municipal Bond Fund
Eaton Vance California Municipal Bond Fund (EVM, Financial) is a US-based investment company. The company's objective is to provide current income exempt from regular federal income tax and taxes in its specified state. As of November 4, 2023, the company has a market capitalization of $198.864 million and its current stock price is $8.06. Since its IPO on August 28, 2002, the stock has experienced a price change of -46.27%.
Analysis of EVM's Performance
EVM's year-to-date price change ratio stands at -7.94%. The stock's GF Score is 42/100, indicating poor future performance potential. The stock's Financial Strength is ranked 6/10, its Profitability Rank is 3/10, and its Growth Rank is 0/10. The stock's GF Value Rank and Momentum Rank are both not applicable due to insufficient data.
Evaluation of EVM's Financial Health
EVM's Piotroski F-Score is 4 and its Altman Z score is 0.00, indicating potential financial distress. The company's ROE and ROA are -4.03 and -2.30 respectively, indicating poor profitability and efficiency. The stock's Cash to Debt ratio is not applicable due to insufficient data.
Assessment of EVM's Momentum
The stock's RSI 5 Day, RSI 9 Day, and RSI 14 Day are 76.10, 63.33, and 54.77 respectively, indicating its current momentum. The stock's Momentum Index 6 - 1 Month and Momentum Index 12 - 1 Month are -8.84 and -0.50 respectively, indicating its recent performance.
Conclusion
In conclusion, Saba Capital Management, L.P. (Trades, Portfolio)'s recent acquisition of EVM shares represents a significant addition to its portfolio. Despite EVM's poor performance indicators and potential financial distress, the firm's increased stake in the company could indicate a long-term investment strategy. Value investors should monitor this transaction closely for potential implications.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
