Financial giants have made a conspicuous bullish move on Eaton Corp. Our analysis of options history for Eaton Corp (NYSE:ETN) revealed 8 unusual trades.
Delving into the details, we found 50% of traders were bullish, while 25% showed bearish tendencies. Out of all the trades we spotted, 4 were puts, with a value of $135,620, and 4 were calls, valued at $262,355.
Projected Price Targets
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $220.0 to $320.0 for Eaton Corp over the last 3 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 $220.0 to $320.0 in the last 30 days.
Eaton Corp Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ETN | CALL | SWEEP | BULLISH | 09/20/24 | $6.2 | $5.9 | $6.2 | $310.00 | $124.0K | 1.0K | 382 |
| ETN | CALL | TRADE | NEUTRAL | 09/20/24 | $10.7 | $10.3 | $10.5 | $300.00 | $51.4K | 1.8K | 122 |
| ETN | PUT | SWEEP | BULLISH | 09/20/24 | $2.65 | $2.45 | $2.45 | $270.00 | $49.0K | 565 | 212 |
| ETN | CALL | TRADE | BULLISH | 01/16/26 | $47.2 | $45.7 | $46.63 | $300.00 | $46.6K | 97 | 10 |
| ETN | CALL | TRADE | NEUTRAL | 10/18/24 | $81.9 | $79.5 | $80.55 | $220.00 | $40.2K | 88 | 5 |
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.
After a thorough review of the options trading surrounding Eaton Corp, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Present Market Standing of Eaton Corp
- With a trading volume of 1,537,056, the price of ETN is up by 0.83%, reaching $297.85.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 76 days from now.
What Analysts Are Saying About Eaton Corp
3 market experts have recently issued ratings for this stock, with a consensus target price of $335.0.
- Consistent in their evaluation, an analyst from Wells Fargo keeps a Equal-Weight rating on Eaton Corp with a target price of $315.
- Maintaining their stance, an analyst from RBC Capital continues to hold a Outperform rating for Eaton Corp, targeting a price of $371.
- An analyst from Barclays has decided to maintain their Equal-Weight rating on Eaton Corp, which currently sits at a price target of $319.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.