Israel's biggest insurer has doubled its Camtek stake to 10.06% while the market sold
A Schedule 13G/A filed today shows Migdal Insurance and its pension and mutual fund subsidiaries at 4,692,885 Camtek shares, 10.06% of the company, close to double the July crossing level. Passive domestic savings money is buying every dip in a stock the market keeps selling.
Vincent Jiang · 3 min read
Camtek−0.33% — Camtek, down 0.33 percent today, the Israeli maker of inspection and metrology systems used in advanced chip packaging, now has one shareholder holding more than a tenth of it. A Schedule 13G/A filed with the SEC on October 20 shows Migdal Insurance & Financial Holdings, Israel's largest insurer and pension manager, and its subsidiaries beneficially owned 4,692,885 Camtek ordinary shares as of October 15: 10.06% of the 46,668,177 shares outstanding as of October 19 1. It is the first disclosure of a double-digit stake.
Migdal doubled its Camtek stake in nine months while the market sold
Data
| Migdal stake, % of Camtek ordinary shares | |
|---|---|
| 20 Jan 2026 | 5.1% |
| 30 Sep 2026 | 9.53% |
| 15 Oct 2026 | 10.06% |
The same filing chain shows the whole accumulation
The disclosure sequence is unusually clean. The initial Schedule 13G, filed February 17, 2026, reported 2,332,037 shares, 5.1% of the class, as of January 20 3. Amendment 2, filed October 19, reported 4,446,770 shares, 9.53%, as of September 30 2, the crossing point these pages covered the same day. Today's Amendment 3 adds 246,115 more shares in two weeks to reach 10.06% 1. The position has roughly doubled since the first filing, and the buying did not stop when the stock did.
What kind of holder, and what kind of buying
The ownership detail in today's filing matters as much as the size 1. Migdal Sal Domestic Equities, a partnership holding money for Migdal Group companies, carries 4,225,218 shares (9.05%), with Migdal Mutual Funds and Migdal Insurance Company holding the rest 1. Sole voting power is 0.00 across both filers, the filing is made under the passive Rule 13d-1(c), and the filers certify the shares are not held to influence or change control of Camtek 1. The economic interest sits with insurance policyholders, pension members and fund unitholders. This is domestic savings money absorbing supply on the way down, not an activist building a bloc.
The buying arrives while the business is booming
Camtek's fundamentals have been improving, not deteriorating. On October 14 management raised guidance: third-quarter revenue of $160 million to $161 million, roughly $180 million for the fourth quarter, about $595 million for 2026 and an outlook above $800 million for 2027 4. Yet the market has been paying less: the stock closed at $142.78 on October 13, down 3.29% on the day, and carries a forward P/E of 40.99 against an industry average near 39 6. A guidance raise followed by a falling price suggests a setup where a large passive buyer can quietly take a bigger and bigger share of the register, which is what the filing chain shows.
Revenue has climbed from $80M to $133M a quarter while Migdal doubled its stake
Data
| Revenue | |
|---|---|
| Q3 '23 | $80.47M |
| Q4 '23 | $88.69M |
| Q1 '24 | $97.01M |
| Q2 '24 | $102.59M |
| Q3 '24 | $112.34M |
| Q4 '24 | $117.29M |
| Q1 '25 | $118.64M |
| Q2 '25 | $123.32M |
| Q3 '25 | $125.99M |
| Q4 '25 | $128.12M |
| Q1 '26 | $121.66M |
| Q2 '26 | $133.24M |
The counterpoint and what to watch
The bear case lives in Camtek's own market. Besi+3.41% — Besi, up 3.41 percent today, the Dutch peer that leads die-to-wafer hybrid bonding equipment, fell nearly 3% on October 16 after the research firm SemiAnalysis reported that ASML is developing a rival bonding tool 5. Camtek's ~45% China revenue exposure 4 and its premium multiple give sellers reasons too. The tests arrive fast: Besi releases third-quarter results on October 22 at 7.00 a.m. CET 7, and Camtek's own Q3 print follows. If Migdal's next amendment keeps climbing while the price keeps falling, the register becomes the tell to check alongside those two prints.
Sources: 1. SEC EDGAR, Schedule 13G/A Amendment No. 3, Migdal Insurance & Financial Holdings Ltd. re Camtek Ltd, filed October 20, 2026 — https://www.sec.gov/Archives/edgar/data/1109138/000117891326004806/0001178913-26-004806-index.htm 2. SEC EDGAR, Schedule 13G/A Amendment No. 2, Migdal Insurance & Financial Holdings Ltd. re Camtek Ltd, filed October 19, 2026 — https://www.sec.gov/Archives/edgar/data/1109138/000117891326004788/0001178913-26-004788.txt 3. SEC EDGAR, Schedule 13G, Migdal Insurance & Financial Holdings Ltd. re Camtek Ltd, filed February 17, 2026 — https://www.sec.gov/Archives/edgar/data/1109138/000117891326000516/0001178913-26-000516.txt 4. MarketBeat via Yahoo Finance, Camtek Targets $1.2B Revenue as AI Packaging Demand Accelerates, October 14, 2026 — https://finance.yahoo.com/technology/ai/articles/camtek-targets-1-2b-revenue-010205008.html 5. Reuters via Yahoo Finance, Besi shares slide on report of ASML−0.87% — ASML, down 0.87 percent today developing competing hybrid bonding product, October 16, 2026 — https://finance.yahoo.com/markets/stocks/articles/besi-shares-slide-report-asml-123139833.html 6. Zacks Investment Research via MSN, Camtek (CAMT) declines more than market, October 13, 2026 — https://www.msn.com/en-us/news/other/camtek-camt-declines-more-than-market-some-information-for-investors/ar-AA2eal5Q 7. MarketScreener, BE Semiconductor Industries Announces 2026 Third Quarter Conference Call and Audio Webcast Details, October 15, 2026 — https://www.marketscreener.com/news/be-semiconductor-industries-n-announces-2026-third-quarter-conference-call-and-audio-webcast-detai-ce785dd3de8ef523
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
