Spotlight on Eaton Corp: Analyzing the Surge in Options Activity

Deep-pocketed investors have adopted a bullish approach towards Eaton Corp ETN, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in ETN usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 19 extraordinary options activities for Eaton Corp. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 52% leaning bullish and 31% bearish. Among these notable options, 15 are puts, totaling $1,166,382, and 4 are calls, amounting to $1,166,938.

Predicted Price Range

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $310.0 to $350.0 for Eaton Corp over the last 3 months.

Volume & Open Interest Trends

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 $310.0 to $350.0 over the preceding 30 days.

Eaton Corp 30-Day Option Volume & Interest Snapshot

Biggest Options Spotted:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume
ETN CALL TRADE BULLISH 07/19/24 $7.3 $6.6 $7.3 $330.00 $730.0K 441 1.1K
ETN PUT SWEEP BEARISH 07/19/24 $8.6 $8.2 $8.6 $310.00 $255.4K 378 179
ETN CALL SWEEP BEARISH 07/19/24 $9.8 $9.6 $9.7 $320.00 $254.6K 2.1K 100
ETN PUT TRADE BULLISH 07/19/24 $10.0 $9.4 $9.45 $310.00 $188.9K 378 946
ETN PUT SWEEP BULLISH 07/19/24 $9.4 $9.3 $9.3 $310.00 $114.5K 378 684

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.

Following our analysis of the options activities associated with Eaton Corp, we pivot to a closer look at the company's own performance.

Current Position of Eaton Corp

  • With a volume of 2,032,128, the price of ETN is up 0.15% at $324.94.
  • RSI indicators hint that the underlying stock may be approaching oversold.
  • Next earnings are expected to be released in 56 days.

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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Posted In: OptionsMarketsBZI-UOA
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