---
title: "Israel's biggest insurer has doubled its Camtek stake to 10.06% while the market sold"
description: "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."
publisher: "The Inference"
section: "Markets"
published: 2026-10-20T15:06:58.698Z
modified: 2026-10-20T15:06:58.698Z
canonical: https://theinference.org/article/israel-s-biggest-insurer-has-doubled-its-camtek-stake-to-10-06-while-the-market-sold
language: en
keywords: "Camtek, Migdal, Ownership, Semiconductors, Israel, Markets"
---

# 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.

[Camtek](https://theinference.org/markets/companies/camtek), 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](https://www.sec.gov/Archives/edgar/data/1109138/000117891326004806/0001178913-26-004806-index.htm) 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.

*Chart: **Migdal doubled its Camtek stake in nine months while the market sold** Line chart of Migdal's combined beneficial ownership of Camtek ordinary shares across three disclosure dates: 5.1% on January 20, 2026, 9.53% on September 30, 2026, and 10.06% on October 15, 2026.*

*Migdal Insurance & Financial Holdings and its subsidiaries' beneficial ownership of Camtek ordinary shares as disclosed in Schedule 13G filings: 5.1% as of January 20, 2026; 9.53% as of September 30; 10.06% as of October 15. Sources: SEC EDGAR, Schedule 13G and Schedule 13G/A Amendments No. 2 and No. 3. [1][2][3]*

## The same filing chain shows the whole accumulation

The disclosure sequence is unusually clean. [The initial Schedule 13G, filed February 17, 2026](https://www.sec.gov/Archives/edgar/data/1109138/000117891326000516/0001178913-26-000516.txt), reported 2,332,037 shares, 5.1% of the class, as of January 20 [3]. [Amendment 2, filed October 19](https://www.sec.gov/Archives/edgar/data/1109138/000117891326004788/0001178913-26-004788.txt), reported 4,446,770 shares, 9.53%, as of September 30 [2], [the crossing point these pages covered the same day](https://theinference.org/article/camtek-set-a-1-2-billion-revenue-target-then-fell-41-from-its-high-besi-s-october-22-report-is-the-test). 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](https://finance.yahoo.com/technology/ai/articles/camtek-targets-1-2b-revenue-010205008.html): 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](https://www.msn.com/en-us/news/other/camtek-camt-declines-more-than-market-some-information-for-investors/ar-AA2eal5Q), 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.

*Chart: **Revenue has climbed from $80M to $133M a quarter while Migdal doubled its stake** Column chart of Camtek's quarterly revenue from Q3 2023 through Q2 2026, rising from $80.5 million to $133.2 million with a dip in Q1 2026.*

*Camtek's quarterly revenue as reported in its SEC filings, in millions of US dollars. Q2 2026 came in at $133.2 million, up 8% year over year; management guided Q3 2026 to $160-161 million on October 14. Source: Camtek quarterly filings. [8]*

## The counterpoint and what to watch

The bear case lives in Camtek's own market. [Besi](https://theinference.org/markets/companies/be-semiconductor), 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](https://finance.yahoo.com/markets/stocks/articles/besi-shares-slide-report-asml-123139833.html) [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](https://www.marketscreener.com/news/be-semiconductor-industries-n-announces-2026-third-quarter-conference-call-and-audio-webcast-detai-ce785dd3de8ef523) [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](https://theinference.org/markets/companies/asml) 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

## Takeaway

Migdal and its pension and mutual fund subsidiaries have doubled their Camtek stake to 10.06%, the first double-digit disclosure, buying passively while the stock fell on a China-heavy, premium-priced story; the tell is whether the next amendment climbs alongside Camtek's and Besi's quarterly prints.

## Sources

1. [SEC EDGAR, Schedule 13G/A Amendment No. 3, Migdal Insurance & Financial Holdings Ltd. re Camtek Ltd, filed 20 October 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 19 October 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 17 February 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, 14 October 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 developing competing hybrid bonding product, 16 October 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, 13 October 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, 15 October 2026](https://www.marketscreener.com/news/be-semiconductor-industries-n-announces-2026-third-quarter-conference-call-and-audio-webcast-detai-ce785dd3de8ef523)
8. [Camtek, quarterly figures from its SEC filings, retrieved 20 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001109138)


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Israel's biggest insurer has doubled its Camtek stake to 10.06% while the market sold — The Inference. Canonical: https://theinference.org/article/israel-s-biggest-insurer-has-doubled-its-camtek-stake-to-10-06-while-the-market-sold