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 55% bullish and 33%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $214,800, and 8, calls, for a total amount of $562,310.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $270.0 to $500.0 for Eaton Corp during the past quarter.
Insights into Volume & Open Interest
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 $270.0 to $500.0 over the preceding 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 | PUT | SWEEP | BEARISH | 11/15/24 | $7.1 | $6.9 | $7.16 | $330.00 | $214.8K | 257 | 331 |
| ETN | CALL | TRADE | BULLISH | 06/20/25 | $1.7 | $1.35 | $1.7 | $500.00 | $170.0K | 40 | 1.0K |
| ETN | CALL | TRADE | BEARISH | 10/18/24 | $37.0 | $34.5 | $35.0 | $310.00 | $136.5K | 882 | 51 |
| ETN | CALL | TRADE | NEUTRAL | 01/17/25 | $13.8 | $12.1 | $13.0 | $360.00 | $78.0K | 989 | 2 |
| ETN | CALL | TRADE | BULLISH | 01/16/26 | $46.5 | $44.5 | $45.9 | $350.00 | $45.9K | 124 | 10 |
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 475,224, the ETN's price is up by 0.99%, now at $344.77.
- RSI readings suggest the stock is currently may be overbought.
- Anticipated earnings release is in 15 days.
What Analysts Are Saying About Eaton Corp
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $339.0.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * Consistent in their evaluation, an analyst from Barclays keeps a Equal-Weight rating on Eaton Corp with a target price of $327. * In a cautious move, an analyst from Citigroup downgraded its rating to Buy, setting a price target of $348. * Maintaining their stance, an analyst from Wells Fargo continues to hold a Equal-Weight rating for Eaton Corp, targeting a price of $342.
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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