Eaton Corp Unusual Options Activity

Author: Benzinga Insights | April 08, 2024 12:00pm

Whales with a lot of money to spend have taken a noticeably bearish stance on Eaton Corp.

Looking at options history for Eaton Corp (NYSE:ETN) we detected 13 trades.

If we consider the specifics of each trade, it is accurate to state that 46% of the investors opened trades with bullish expectations and 53% with bearish.

From the overall spotted trades, 5 are puts, for a total amount of $207,287 and 8, calls, for a total amount of $1,510,486.

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 $290.0 to $330.0 for Eaton Corp during the past quarter.

Volume & Open Interest Development

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 $290.0 to $330.0 over the preceding 30 days.

Eaton Corp 30-Day Option Volume & Interest Snapshot

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	SWEEP	BULLISH	04/19/24	$4.1	$3.4	$4.0	$330.00	$841.4K	6.5K	465
ETN	CALL	TRADE	BULLISH	01/17/25	$41.4	$40.1	$40.9	$320.00	$204.5K	288	50
ETN	CALL	SWEEP	BULLISH	04/19/24	$3.8	$3.7	$3.7	$330.00	$160.1K	6.5K	32
ETN	CALL	SWEEP	BULLISH	04/19/24	$3.8	$3.7	$3.8	$330.00	$116.2K	6.5K	465
ETN	CALL	TRADE	BULLISH	01/16/26	$76.6	$71.6	$76.1	$300.00	$76.1K	62	0

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 U.S.

In light of the recent options history for Eaton Corp, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Where Is Eaton Corp Standing Right Now?

• With a volume of 1,106,992, the price of ETN is down -1.04% at $327.08.
• RSI indicators hint that the underlying stock may be overbought.
• Next earnings are expected to be released in 22 days.

What Analysts Are Saying About Eaton Corp

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $316.8.

• In a positive move, an analyst from Barclays has upgraded their rating to Equal-Weight and adjusted the price target to $300.
• An analyst from RBC Capital persists with their Sector Perform rating on Eaton Corp, maintaining a target price of $286.
• Maintaining their stance, an analyst from Mizuho continues to hold a Buy rating for Eaton Corp, targeting a price of $340.
• Consistent in their evaluation, an analyst from B of A Securities keeps a Buy rating on Eaton Corp with a target price of $330.
• Maintaining their stance, an analyst from Goldman Sachs continues to hold a Buy rating for Eaton Corp, targeting a price of $328.

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.

Posted In: ETN