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 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 12 options trades for Eaton Corp.
This isn't normal.
The overall sentiment of these big-money traders is split between 16% bullish and 41%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $27,960, and 11, calls, for a total amount of $571,495.
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 $340.0 and $420.0 for Eaton Corp, spanning the last three months.
Volume & Open Interest Trends
In today's trading context, the average open interest for options of Eaton Corp stands at 950.33, with a total volume reaching 2,725.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Eaton Corp, situated within the strike price corridor from $340.0 to $420.0, throughout the last 30 days.
Eaton Corp Option Activity Analysis: Last 30 Days
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 | NEUTRAL | 01/17/25 | $14.2 | $12.1 | $13.0 | $340.00 | $65.0K | 1.9K | 102 |
| ETN | CALL | TRADE | NEUTRAL | 01/17/25 | $6.5 | $6.2 | $6.35 | $350.00 | $63.5K | 2.0K | 387 |
| ETN | CALL | TRADE | BULLISH | 01/17/25 | $6.6 | $5.6 | $6.3 | $350.00 | $63.0K | 2.0K | 689 |
| ETN | CALL | TRADE | NEUTRAL | 01/17/25 | $1.45 | $1.0 | $1.25 | $370.00 | $62.5K | 2.4K | 501 |
| ETN | CALL | TRADE | BULLISH | 01/17/25 | $12.0 | $10.6 | $12.0 | $340.00 | $60.0K | 1.9K | 50 |
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.
Present Market Standing of Eaton Corp
- With a volume of 1,384,985, the price of ETN is up 2.18% at $350.05.
- RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
- Next earnings are expected to be released in 24 days.
Professional Analyst Ratings for Eaton Corp
Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $416.0.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * An analyst from RBC Capital has decided to maintain their Outperform rating on Eaton Corp, which currently sits at a price target of $392. * Consistent in their evaluation, an analyst from Citigroup keeps a Buy rating on Eaton Corp with a target price of $440.
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.
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