High-rolling investors have positioned themselves bullish on Eaton Corp ETN, and it's important for retail traders to take note. This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in ETN often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 14 options trades for Eaton Corp. This is not a typical pattern.
The sentiment among these major traders is split, with 35% bullish and 35% bearish. Among all the options we identified, there was one put, amounting to $37,570, and 13 calls, totaling $1,152,339.
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 $230.0 and $370.0 for Eaton Corp, spanning the last three months.
Analyzing Volume & Open Interest
Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $230.0 to $370.0 in the last 30 days.
Eaton Corp Call and Put Volume: 30-Day Overview
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ETN | CALL | TRADE | BEARISH | 01/17/25 | $8.7 | $8.1 | $8.3 | $370.00 | $156.0K | 662 | 234 |
| ETN | CALL | SWEEP | BEARISH | 01/15/27 | $137.5 | $134.9 | $135.02 | $250.00 | $135.3K | 10 | 30 |
| ETN | CALL | SWEEP | BEARISH | 01/15/27 | $137.5 | $134.3 | $135.01 | $250.00 | $135.0K | 10 | 20 |
| ETN | CALL | SWEEP | BEARISH | 01/15/27 | $137.5 | $133.9 | $135.0 | $250.00 | $135.0K | 10 | 10 |
| ETN | CALL | TRADE | NEUTRAL | 01/17/25 | $133.6 | $130.2 | $132.0 | $230.00 | $132.0K | 365 | 20 |
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.
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
- Currently trading with a volume of 1,089,323, the ETN's price is down by -0.13%, now at $363.57.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 51 days.
What Analysts Are Saying About Eaton Corp
5 market experts have recently issued ratings for this stock, with a consensus target price of $422.0.
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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 B of A Securities keeps a Buy rating on Eaton Corp with a target price of $410. * An analyst from Citigroup persists with their Buy rating on Eaton Corp, maintaining a target price of $440. * An analyst from Jefferies has decided to maintain their Buy rating on Eaton Corp, which currently sits at a price target of $440. * An analyst from UBS has revised its rating downward to Buy, adjusting the price target to $431. * In a cautious move, an analyst from Evercore ISI Group downgraded its rating to In-Line, setting a price target of $389.
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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