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 8 uncommon options trades for Eaton Corp.
This isn't normal.
The overall sentiment of these big-money traders is split between 37% bullish and 62%, bearish.
Out of all of the special options we uncovered, 3 are puts, for a total amount of $128,243, and 5 are calls, for a total amount of $232,926.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $160.0 and $310.0 for Eaton Corp, spanning the last three months.
Insights into Volume & Open Interest
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Eaton Corp's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Eaton Corp's significant trades, within a strike price range of $160.0 to $310.0, over the past month.
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 | CALL | TRADE | BULLISH | 01/17/25 | $158.0 | $155.6 | $158.0 | $160.00 | $79.0K | 73 | 5 |
| ETN | PUT | SWEEP | BEARISH | 10/18/24 | $7.9 | $7.2 | $7.9 | $310.00 | $56.0K | 560 | 160 |
| ETN | CALL | TRADE | BEARISH | 06/20/25 | $66.4 | $64.5 | $65.02 | $270.00 | $52.0K | 19 | 13 |
| ETN | PUT | SWEEP | BEARISH | 10/18/24 | $7.9 | $7.8 | $7.9 | $310.00 | $41.0K | 560 | 64 |
| ETN | CALL | TRADE | BULLISH | 01/17/25 | $64.9 | $63.7 | $64.6 | $260.00 | $38.7K | 170 | 14 |
About Eaton Corp
Founded in 1911 by Joseph Eaton, the eponymous company began by selling truck axles in New Jersey. Eaton has since become an industrial powerhouse largely through acquisitions in various end markets. Eaton's portfolio can broadly be divided into two parts: its electrical and industrial businesses. Its electrical portfolio (representing around 70% of company revenue) sells components within data centers, utilities, and commercial and residential buildings, while its industrial business (30% of revenue) sells components within commercial and passenger vehicles and aircraft. Eaton receives favorable tax treatment as a domiciliary of Ireland, but it generates over half of its revenue within 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
Eaton Corp's Current Market Status
- Currently trading with a volume of 1,331,375, the ETN's price is up by 1.9%, now at $317.66.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 41 days.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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