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Lam Research expands share buybacks, boosts dividend

Lam Research Corp. on March 6 said that it intends to return at least 50% of free cash flow to its stockholders through dividends and share repurchases over the next five years.

The capital return program includes a 120% rise in Lam's quarterly dividend to $1.10 per share, beginning with the dividend to be declared in the June quarter. The dividend would return approximately $702 million to stockholders on an annualized basis.

In addition, the semiconductor equipment maker will increase its existing stock buyback plan, which dates to November 2017, by an additional $2 billion, boosting the repurchase authorization to a total of $4 billion.