Investors with a lot of money to spend have taken a bullish stance on Eaton Corp ETN.
And retail traders should know.
We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with ETN, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 9 options trades for Eaton Corp.
This isn't normal.
The overall sentiment of these big-money traders is split between 44% bullish and 22%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $73,500, and 8, calls, for a total amount of $268,264.
Expected Price Movements
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $310.0 and $350.0 for Eaton Corp, spanning the last three months.
Volume & Open Interest Trends
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Eaton Corp's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Eaton Corp's substantial trades, within a strike price spectrum from $310.0 to $350.0 over the preceding 30 days.
Eaton Corp Call and Put Volume: 30-Day Overview
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ETN | PUT | TRADE | NEUTRAL | 07/19/24 | $7.8 | $6.7 | $7.35 | $330.00 | $73.5K | 191 | 0 |
| ETN | CALL | TRADE | BEARISH | 01/17/25 | $46.8 | $44.6 | $45.48 | $320.00 | $45.4K | 287 | 20 |
| ETN | CALL | TRADE | BEARISH | 01/17/25 | $46.8 | $44.6 | $45.48 | $320.00 | $45.4K | 287 | 10 |
| ETN | CALL | TRADE | BULLISH | 01/17/25 | $35.0 | $32.8 | $34.12 | $340.00 | $34.1K | 271 | 20 |
| ETN | CALL | TRADE | NEUTRAL | 01/17/25 | $35.0 | $32.8 | $34.01 | $340.00 | $34.0K | 271 | 10 |
About Eaton Corp
Eaton is a diversified power management company operating for over 100 years. The company operates through various segments, including electrical Americas, electrical global, aerospace, vehicle, and eMobility. Eaton's portfolio can broadly be divided into two halves. One part of its portfolio is housed under its industrial sector umbrella, which serves a large variety of end markets like commercial vehicles, general aviation, and trucks. The other portion is Eaton's electrical sector portfolio, which serves data centers, utilities, and the residential end market, among others. While the company receives favorable tax treatment with its Ireland domicile, most of its operations are in the US.
Having examined the options trading patterns of Eaton Corp, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Current Position of Eaton Corp
- With a volume of 365,047, the price of ETN is up 1.01% at $339.59.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 68 days.
Professional Analyst Ratings for Eaton Corp
Over the past month, 4 industry analysts have shared their insights on this stock, proposing an average target price of $327.5.
- An analyst from Argus Research has decided to maintain their Buy rating on Eaton Corp, which currently sits at a price target of $350.
- In a cautious move, an analyst from Mizuho downgraded its rating to Buy, setting a price target of $355.
- An analyst from JP Morgan persists with their Overweight rating on Eaton Corp, maintaining a target price of $325.
- An analyst from HSBC has decided to maintain their Hold rating on Eaton Corp, which currently sits at a price target of $280.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Eaton Corp with Benzinga Pro for real-time alerts.
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