Lam Research (LRCX) continues impressive streak of dividend increases in 2024

Lam Research (LRCX) will hike its quarterly dividend by 15% to a new record high of $2.30 quarterly per share. This marks 10 consecutive years of increased dividends for the semiconductor company.

On August 29, 2024, Lam Research Corporation announced that its Board of Directors has approved a $0.30, or 15%, increase in its quarterly dividend, from $2.00 to $2.30 per share of common stock. The dividend payment will be made on October 1, 2024, to holders of record on September 17, 2024. Future dividend payments are subject to review and approval by the Board of Directors. The ex-dividend date is September 17, 2024. The dividend yield for LRCX is 1.15% at a stock price of $797.32. Last year Lam Research hiked the dividend by 15.9% to $2.00 per share quarterly.

Lam Research has been on a very impressive streak of double-digit dividend increases for years. In fact, the dividend has increased by at least 15% in each of the last four years and has only increased by less than double digits once in the last 10 years. This puts Lam well on its way to Dividend Hero status.

Lam Research continues its double digit increases
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Lam Research now pays over $1.2 billion in dividends annually after this latest increase. In addition to dividends, LRCX also uses free cash flow to buy back its own shares, with 2 to 3% of the number of outstanding shares bought back each year in recent years, and now an estimated 20% of the total in the last 10 years. LRCX's average dividend growth over the last five years has been 14.9% on average, with a total payout that doubled compared to 2019.

Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam's equipment and services allow customers to build smaller and better performing devices. The company's products are used in a variety of electronic products, including mobile phones, personal computers, servers, wearables, automotive devices, storage devices, and networking equipment.  Lam's customer base includes leading semiconductor memory, foundry, and integrated device manufacturers that make products such as non-volatile memory, DRAM memory, and logic devices. Incorporated in 1980, Lam Research is headquartered in Fremont, California. The company has a network of facilities throughout Asia, Europe, and the United States. Lam Research initiated its dividend in 2014, and has increased it annually ever since.