Investors with a lot of money to spend have taken a bearish stance on Eaton Corp (NYSE: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 23 uncommon options trades for Eaton Corp.
This isn't normal.
The overall sentiment of these big-money traders is split between 30% bullish and 65%, bearish.
Out of all of the special options we uncovered, 15 are puts, for a total amount of $784,170, and 8 are calls, for a total amount of $246,670.
Predicted Price Range
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $300.0 to $350.0 for Eaton Corp over the recent three months.
Volume & Open Interest Development
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 $300.0 to $350.0 in the last 30 days.
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 | PUT | SWEEP | BEARISH | 08/16/24 | $7.8 | $7.7 | $7.7 | $300.00 | $117.0K | 1.0K | 271 |
| ETN | PUT | SWEEP | BULLISH | 01/17/25 | $25.2 | $24.8 | $25.2 | $310.00 | $113.4K | 315 | 122 |
| ETN | PUT | SWEEP | BEARISH | 08/16/24 | $8.3 | $8.0 | $8.3 | $300.00 | $80.5K | 1.0K | 405 |
| ETN | PUT | SWEEP | BEARISH | 01/17/25 | $25.2 | $24.8 | $25.2 | $310.00 | $73.0K | 315 | 139 |
| ETN | PUT | SWEEP | BEARISH | 08/16/24 | $9.0 | $8.6 | $9.0 | $300.00 | $67.5K | 1.0K | 496 |
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.
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
Where Is Eaton Corp Standing Right Now?
- Trading volume stands at 1,762,570, with ETN's price down by -5.05%, positioned at $305.68.
- RSI indicators show the stock to be is currently neutral between overbought and oversold.
- Earnings announcement expected in 8 days.
What The Experts Say On Eaton Corp
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $359.3333333333333.
- Consistent in their evaluation, an analyst from Jefferies keeps a Buy rating on Eaton Corp with a target price of $385.
- An analyst from Raymond James has revised its rating downward to Outperform, adjusting the price target to $375.
- Consistent in their evaluation, an analyst from Barclays keeps a Equal-Weight rating on Eaton Corp with a target price of $318.
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.