Investors with a lot of money to spend have taken a bearish stance on Eaton Corp ETN.
And retail traders should know.
We noticed this today when the trades 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.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 24 uncommon options trades for Eaton Corp.
This isn't normal.
The overall sentiment of these big-money traders is split between 20% bullish and 45%, bearish.
Out of all of the special options we uncovered, 18 are puts, for a total amount of $820,140, and 6 are calls, for a total amount of $456,024.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $250.0 to $340.0 for Eaton Corp over the recent three months.
Volume & Open Interest Trends
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Eaton Corp's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Eaton Corp's whale activity within a strike price range from $250.0 to $340.0 in the last 30 days.
Eaton Corp Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ETN | CALL | SWEEP | NEUTRAL | 09/20/24 | $20.1 | $19.7 | $19.7 | $300.00 | $186.8K | 650 | 185 |
| ETN | PUT | SWEEP | BEARISH | 09/20/24 | $18.4 | $16.6 | $17.1 | $310.00 | $153.7K | 177 | 155 |
| ETN | CALL | TRADE | BULLISH | 10/18/24 | $42.6 | $41.6 | $42.29 | $270.00 | $84.5K | 41 | 20 |
| ETN | PUT | TRADE | BULLISH | 01/16/26 | $17.4 | $15.8 | $16.3 | $250.00 | $81.5K | 177 | 50 |
| ETN | CALL | SWEEP | NEUTRAL | 10/18/24 | $6.9 | $6.4 | $6.7 | $340.00 | $54.9K | 1.0K | 160 |
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.
Following our analysis of the options activities associated with Eaton Corp, we pivot to a closer look at the company's own performance.
Eaton Corp's Current Market Status
- With a trading volume of 3,573,463, the price of ETN is up by 7.01%, reaching $307.37.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 1 days from now.
What The Experts Say On Eaton Corp
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $351.5.
- An analyst from Jefferies persists with their Buy rating on Eaton Corp, maintaining a target price of $385.
- An analyst from Barclays persists with their Equal-Weight rating on Eaton Corp, maintaining a target price of $318.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Eaton Corp options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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